Oil edges up as U.S. could be set to issue new Iran sanctions

Oil prices edged up on Friday on news that U.S. President Donald Trump could be poised to impose new sanctions on multiple Iranian entities, firing geopolitical tensions between the two nations. Reuters reported that the U.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, but the package was formulated in a way that would not violate the 2015 Iran nuclear deal.