Oil edges up on threat of U.S. issuing new Iran sanctions

Rate Range Projection by Bank

Next week 111.50 – 114.00

Next 3 months 109.00 - 117.50

Comments by Russian energy minister Alexander Novak that oil producers had cut their output in accordance with a pact agreed in December also helped support prices, analysts said

Reuters reported on Thursday that Trump's administration is prepared to roll out new measures against more than two dozen Iranian targets following Tehran's ballistic missile test, according to sources familiar with the matter