Oil prices rise on looming Iran sanctions

Oil prices rose on Monday as markets were expected to tighten once U.S. sanctions against Iran’s crude exports are implemented next month.

Front-month Brent crude oil futures were at $79.99 a barrel at 0558 GMT, up 21 cents, or 0.3 per cent, above their last close. U.S. West Texas Intermediate (WTI) crude futures were at $69.34 a barrel, up 22 cents, also 0.3 per cent above their last settlement.

The U.S. sanctions on the oil sector in Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), are set to start on Nov. 4. The United States under President Donald Trump is trying to reduce Iranian oil exports to zero to force the country to renegotiate an agreement on its nuclear programme.

Source: P.M. News

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