Oil prices rise in wake of storm threats

Prices fell earlier in the week after US Department of Energy weekly data showed a rise in gasoline stockpiles, as well as higher than expected crude oil and distillate stockpiles.

But on Thursday and Friday, the market had other concerns. “The Iranian nuclear issue will keep a floor under prices for a long time, and we are entering into the peak of the US hurricane season,” said Victor Shum, an analyst at Purvin and Gertz in Singapore.

Vienna’s PVM Oil Associates said tropical storms pushed prices higher, adding, “The market is still eyeing developments concerning Iran’s nuclear ambitions.”