Oil prices up on Iran risks

SINGAPORE: Oil prices edged higher in Asian trade Tuesday as geopolitical tensions over crude producer Iran's nuclear programme outweighed weak economic data from Europe and China, analysts said.

New York's main contract, light sweet crude for delivery in April, gained 18 cents to $106.90 and Brent North Sea crude for April was up 21 cents to $124.01 in morning trade.

"Oil prices edged up... in tug-of-war trading as supply risks and tensions over Iran's nuclear programme provided support, but concerns about global economic growth limited gains," said Phillip Futures in a market commentary.

Prime Minister Benjamin Netanyahu on Monday told US President Barack Obama that Israel must remain the "master of its fate" in a firm defence of his right to mount a unilateral strike on Iran. (AFP)