Oil futures are higher in early 2018 trading as tensions in Iran build (and a planned nationwide strike) trumping the 'bearish' oil news that Libya restarted crude flows through a pipeline that was hit by an explosion last week.

Bloomberg reports that repairs to the pipeline damaged on Dec. 26 were completed Saturday and pumping of oil to the Es Sider terminal has resumed, according to a person directly involved with the matter.

But oil prices are holding up due to the rising tensions in Iran and the potential impact of energy infrastructure from tomorrow's planned nationwide general strike...Which could reduce production...

I am receiving questions on the impact of the demonstrations in #Iran on Iran's #oil production.

1- Oil and gas resources are far away from most populations centers

2- Attacks on pipelines have a limited impact.

3- Only a major labor strike in the oil sector can reduce production pic.twitter.com/RPOW4TzKBw — Anas Alhajji (@anasalhajji) December 31, 2017

Additionally, oil may have got a brief boost from China's PMI coming in hotter than expected.

“There is some momentum for oil at the moment and that could continue,” said Ric Spooner, a Sydney-based analyst at CMC Markets. “There appears to be a developing consensus that the increase in U.S. shale production this year may not be as significant as many had forecast.”