Oil prices rise 2% as traders brace for supply disruptions

New York [US], March 1: Oil prices rose about 2 percent on Friday with traders bracing for supply disruptions as nuclear talks between the United States and Iran had yet to reach an agreement. Trump said last week that Iran must make a deal over its nuclear programme within 10 to 15 days or "really bad things" will happen.
Brent crude futures settled at $72.48, and US West Texas Intermediate crude (WTI) finished at $67.02. For the week, Brent rose 1 percent, while WTI rose 0.9 percent .
Geopolitical risk premiums of $8 to $10 a barrel have been built into oil prices on fears that a conflict will disrupt Middle East supply through the Strait of Hormuz, where about 20 percent of global oil supply passes.
Meanwhile, producer group OPEC+, meanwhile, is likely to consider raising oil output by 137,000 barrels per day for April at its March 1 meeting, after suspending production increases in the first quarter.
Asia Spot LNG Down on Tepid
Demand; Hormuz Risk in Focus
Asia spot liquefied natural gas held steady on Friday as tepid demand and high inventories during the Lunar New Year lull capped buying interest, though geopolitical tensions between the U.S. and Iran offered some support.
The average LNG price for March delivery into north-east Asia was $10.60 per million British thermal units, down from $10.65 per mmBtu the week before.
Above-normal Northeast Asia temperatures will curb heating demand, while Japan's Kashiwazaki-Kariwa No. 6 reactor restart trims LNG use.
Source: Qatar Tribune