A pump jack operates at a well site leased by Devon Energy Production Co. near Guthrie, Oklahoma.
Nick Oxford | Reuters
Oil prices rose on Monday adding to last week’s gains, lifted by tensions between the United States and Iran, but concerns about the possibility of weakening demand kept a lid on gains.
U.S. crude was up 12 cents, 0.2%, at $57.54.
Last week, U.S. crude surged 10% after Iran shot down a U.S. drone on Thursday in the Gulf, adding to tensions stoked by attacks on oil tankers in the area in May and June that Washington has blamed on Iran.
Iran denies any role in the tanker attacks.
U.S. President Donald Trump said he had called off a retaliatory attack on Iran at the last minute after the drone was downed, but Washington has said it would still step up its sanctions on Tehran.
“We have been surprised by the relative lack of crude price response to some of these events until just recently, which probably reflects the prevailing sentiment of a market in oversupply,” HSBC…