LONDON, Aug 25: World oil prices rose on Friday on supply concerns caused by the threat of a tropical storm near the US and fears that Iran may disrupt exports if hit by economic sanctions over its disputed nuclear programme, analysts said.

In London, Brent North Sea crude for October delivery climbed 60 cents to $73.28 per barrel in electronic deals.New York’s main contract, light sweet crude for delivery in October, advanced 69 cents to $73.05 per barrel in pit trading.

Although the British stock market is closed on Monday for a public holiday, oil trading in London continues as normal.

Crude futures were higher on Friday amid concerns that a storm in the Caribbean could cause disruption to US Gulf supplies.

According to the National Hurricane Centre (NHC) in the United States, a tropical depression currently north of Venezuela was threatening to become a tropical storm.

The depression, which will be known as Ernesto should it turn into a storm, has grabbed the market's attention owing to its flight towards the Gulf of Mexico, where oil platforms produce between 25 and 30 per cent of US crude.

“With landfall currently looking like it could take place in around a week’s time somewhere on the Louisiana/Texas coast this storm has the potential to develop into the first big hurricane scare for the oil market so far this season,” said Barclays Capital analyst Kevin Norrish.

Last year, energy facilities on the rig-heavy US Gulf Coast were ravaged by hurricanes, pushing oil prices to then-record high points.

Elsewhere, the market continued to focus on Iran. In line with a UN Security Council resolution insists that Iran must stop enriching uranium by August 31 or face the threat of sanctions.

Analysts argue that sanctions could lead to Iran disrupting its vital oil supplies. Iran pumps about 4.0 million barrels of oil per day of which around 2.7 million barrels are exported.

“The market is positioning itself for UN sanctions,” said Mark Pervan, an energy analyst for Daiwa Securities based in Melbourne.—AFP