Oil prices edged up on Friday on news that U.S. President Donald Trump could be set to impose new sanctions on multiple Iranian entities, firing geopolitical tensions between the two nations. Comments by Russian energy minister Alexander Novak that oil producers had cut their output in accordance with a pact agreed in December also helped support prices, analysts said.

OPEC’s production cuts have already turned oil speculators the most bullish in a decade. As their effect is felt, crude could become even more alluring.

Oil prices were little changed in U.S. trade on Thursday, retracing early gains as traders grew less concerned about mounting tensions between the United States and Iran, but prices were still supported by evidence that OPEC and other big exporters were cutting production. “Traders seem to have concluded the dispute between the U.S. and Iran over a recent missile test represents more of a war of words than the start of a military confrontation that would put supplies from the wider Persian Gulf at risk,” Tim Evans, Citi Futures’ energy futures specialist, said in a note.

Oil prices were little changed in U.S. trade on Thursday, retracing early gains as traders grew less concerned about mounting tensions between the United States and Iran, but prices were still supported by evidence that OPEC and other big exporters were cutting production. “Traders seem to have concluded the dispute between the U.S. and Iran over a recent missile test represents more of a war of words than the start of a military confrontation that would put supplies from the wider Persian Gulf at risk,” Tim Evans, Citi Futures’ energy futures specialist, said in a note.

Oil prices rose on Thursday as evidence that OPEC and other big exporters were cutting production outweighed a sharp rise in U.S. crude and gasoline stockpiles. Brent crude was up 50 cents at $57.30 a barrel by 1145 GMT after settling up $1.22 in the previous session.

Oil prices fell on Thursday after official data showed U.S. crude and gasoline stockpiles rose sharply, although signs that OPEC and other producers are holding the line on output cuts are helping support prices. Brent crude futures fell 28 cents, or 0.5 percent, to $56.52 a barrel as of 0410 GMT after settling up $1.22 in the previous session.

Crude purchases in one corner of the oil market by a Chinese trader are contributing to the shake-up of supply flows across the globe. China National United Oil Co.

Oil steadied on Wednesday as Russia joined OPEC in cutting production to try to balance the market, although plentiful supply in places such as the United States dragged on prices. Brent crude futures, the international benchmark for oil prices, were trading at $55.63 per barrel at 0749 GMT , up 5 cents from their last close.

Oil prices fell on Tuesday as rising U.S. drilling activity offset efforts by OPEC and other producers to cut output in a move to prop up the market. Brent crude futures, the international benchmark for oil prices, were trading at $55.10 per barrel at 0516 GMT, down 13 cents from their last close.

Money managers are the most optimistic on West Texas Intermediate oil prices in at least a decade as the Organization of Petroleum Exporting Countries and other producers reduce crude output. Saudi Arabia has said more than 80 percent of the targeted reduction of 1.8 million barrels has been implemented.

Money managers are the most optimistic on West Texas Intermediate oil prices in at least a decade as the Organization of Petroleum Exporting Countries and other producers reduce crude output. Saudi Arabia has said more than 80 percent of the targeted reduction of 1.8 million barrels has been implemented.

Oil headed for a second weekly increase as OPEC and other producing nations maintained they would achieve their target of cutting production to reduce bloated global inventories and stabilize the market. Front-month futures in New York are up 2.3 percent for the week, set for the biggest advance since Dec. 2. OPEC and other producers are due to reach the 1.8 million-barrel-a-day reduction target next month, Algeria’s Energy Minister Noureddine Boutarfa said Thursday.

If you want an idea of where the oil market is headed, the first thing you need to read is a conference call transcript from Schlumberger . As the world’s largest oil services company, it has connections with just about every producer out there, from the titan Saudi Aramco to the small mom-and-pop shops in the U.S. That extensive network gives the company a pretty good pulse of the market.