Oil prices on Thursday eked out gains on concerns about Iranian crude supplies as the U.S. hit Tehran with renewed sanctions, halting the previous session's declines amid the escalating China-U.S. trade dispute and worries over China's demand.
Brent crude futures were up 30 cents, or 0.4 percent, at $72.58 barrel by 0417 GMT, following a decline of more than 3 percent on Wednesday.
U.S. West Texas Intermediate (WTI) crude futures had gained 11 cents, or 0.2 percent, to $67.05 a barrel, after dropping 3.22 percent the previous session.
"The market is supported by concerns the sanctions on Iran are going to reduce Iranian supply," said Tony Nunan, oil risk manager at Mitsubishi in Tokyo.
"The geopolitical risk from Iran is keeping a floor under the price," he said.
The U.S. reimposed sanctions on some industries on Tuesday against Iran, third-biggest producer in the Organization of the Petroleum Exporting Countries (OPEC).

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