Oil rises 1% on Iran sanctions, drop in US crude stocks

Oil prices rose almost 1% in early trade on Wednesday, extending the prior day's gains as investors weighed a fresh round of sanctions on Iran, a drop in U.S. crude stocks and a softer tone from Donald Trump on the Federal Reserve. The market found support after Trump on Tuesday backed off from threats to fire Fed Chair Jerome Powell, after days of intensifying criticisms of him for not cutting interest rates. Trump also signalled the possibility of lower tariffs on China.