Crude oil prices were up at trading start on Thursday as the U.S. prepares to impose more sanctions on Iran in retaliation for what Washington considers is Tehran's attacks on Saudi Arabia's oil facilities.
International benchmark Brent crude was trading at $63.75 per barrel at 0605 GMT with a 0.3% increase after closing Wednesday at $63.58 a barrel.
American benchmark West Texas Intermediate was at $58.30 a barrel at the same time for a 0.43% gain after ending the previous session at $58.05 per barrel.
U.S. President Donald Trump said Wednesday that his country would announce sanctions on Iran 'over the next 48 hours.'
Asked by reporters whether he was looking at a military strike, Trump said the U.S. has 'many options.'
'There’s the ultimate option and there are options that are a lot less than that,' he said, explaining that the 'ultimate option' would mean 'war.'
U.S. Secretary of State Mike Pompeo said Wednesday the oil facilities attacks constitute an Iranian 'act of war.'
By Ovunc Kutlu