Oil headed for a weekly advance as the prospect for tighter US sanctions against Iran and Russia countered persistent concerns around a sizeable global glut next year.
Brent was steady above $73 a barrel, up 3.5% so far this week, and West Texas Intermediate was near $70. President-elect Donald’s Trump’s pick for national security adviser has vowed a return to “maximum pressure” on Iran, while the Biden administration is considering new sanctions on Russia’s oil trade before exiting the White House next month.