The WTI for September posted a 16-cent gain Tuesday. The WTI for September posted a 16-cent gain Tuesday, settling at $69.17 a barrel after trading between $68.81 and $69.83. Meanwhile, the October Brent benchmark rose 90 cents to settle at $74.65 a barrel. According to Robert Rapier, Chief Energy Analyst for Investing Daily, geopolitical rumblings between the United States and Iran are placing upward pressure on an already-stretched oil market. “I think the key driver right now for oil prices is the realization that the U.S. is likely to follow through with sanctions on Iran’s oil,” Rapier told Rigzone. “The oil market is already pretty tight, and if a significant fraction of Iran’s exports are removed from the market then there might not be enough spare capacity to make up the difference. In that case, prices are going to rise.” Also tight are natural gas inventories, noted Rapier, who […]