Brent crude oil prices rose back above $80 a barrel on Monday as markets were expected to tighten once U.S. sanctions against Iran’s crude exports are implemented next month.
Benchmark Brent crude oil futures LCOc1 were at $80.26 a barrel at 0646 GMT, up 48 cents, or 0.6 per cent, above their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $69.60 a barrel, up 48 cents, or 0.7 per cent.
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 program.
U.S. Treasury Secretary Steven Mnuchin told Reuters on Sunday that it would be harder for countries to get sanction waivers than it was during the previous Obama administration, when several countries, especially in Asia, received them.
OPEC agreed…
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