Oil prices rise amidst U.S. sanctions against Iran

Oil prices rise amidst U.S. sanctions against Iran

Oil price rose today amid reports that the U.S. restored sanctions against Iran, the world’s fifth-largest oil producer.

Brent Oil Futures for October delivery rose 0.33% to $74 per barrel at 1:02AM ET (05:02 GMT), while Crude Oil WTI Futures for September delivery also went up by 0.12% to $69.09 a barrel, Investing.com reported.

The U.S. has restored sanctions against Iran as as President Donald Trump reaffirmed plans to impose more penalties on the country’s oil sales in November.

In the previous U.S. crude sanctions against Iran, about half of its oil exports of 2.4 million barrels were removed from the market. Analysts estimated that Iranian production would drop further amid the restored sanctions and drive the oil price further up.

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