Oil Prices Rise 1 Percent Ahead of US Sanctions against Iran
REUTERS: Oil prices rose by 1 percent on Thursday as investors focused on the prospect of tighter markets due to U.S. sanctions against major crude exporter Iran, which are set to be implemented in November, CNBC reports.
Front-month Brent crude futures were at $82.17 per barrel at 0133 GMT, up by 83 cents, or 1 percent from their last close, just off Tuesday's four-year highs.
U.S. West Texas Intermediate (WTI) crude futures were at $72.41 a barrel, up 84 cents, or 1.2 percent from their last settlement.
Traders said oil markets were tightening ahead of Washington's planned sanctions on Iran's petroleum industry from Nov. 4.
"We view that crude market risks are heavily skewed to the upside and whilst we are not explicitly forecasting Brent to rise to $100 per barrel, we see material risks of this coming to fruition," Japanese bank Mitsubishi UFJ Financial Group said in a note to clients.
At its 2018 peak, Iran exported around 3 million barrels per day (bpd) of crude oil, equivalent to 3 percent of global consumption.
Shipping data shows Iran September exports fell to around 2 million bpd as buyers around the world bow to U.S. pressure and cut imports.
The Organization of the Petroleum Exporting Countries (OPEC) has little spare capacity to make up for an expected shortfall in Iranian exports.
Erdogan And Putin Can Meet on January 23
Azerbaijani Foreign Minister Meets OSCE Minsk Group Co-Chairs
Nursultan Nazarbayev Sent Congratulatory Message to Nikol Pashinyan
Donald Trump Sends Letter to Kim Jong-un
Trump Signs the Elie Wiesel Genocide and Atrocities Prevention Act
Armenia New Parliament to Have 11 Standing Committees Instead of 9
Yerevan Surpasses Baku, Tbilisi in Quality of Life Index
OSCE Mission Monitoring: Azerbaijani Side Didn't Lead the OSCE Mission to its Front-Line Positions
Rouhani Congratulated Pashinyan on Re-Appointment
Foreign Minister of Artsakh Discussed Issues on the Activities of The HALO Trust in Humanitarian Demining
Alen Simonyan, Lena Nazaryan And Vahe Enfiyajyan Are Elected Vice Speakers of Parliament
Georgian Prime Minister Congratulates Nikol Pashinyan on Appointment
President Armen Sarkissian met with the Minister of State of the United Arab Emirates Sultan Al Jaber
Trump and Ambassador Nersesyan Highlighted the Expansion of Armenia-US Relations
Russian Premier Medvedev Congratulates Nikol Pashinyan
Stepantsminda-Larsi Highway is Open for All Type Vehicles
Bako Sahakyan Congratulated Nikol Pashinyan
Alexander Lukashenko Congratulated Nikol Pashinyan
Annual Press Conference of the Foreign Minister of Artsakh Masis Mayilian
Putin Congratulates Pashinyan on Re-Appointment
Congratulatory Address by Acting Prime Minister Nikol Pashinyan on New Year and Christmas Holidays (VIDEO)
Lavrov: Armenia and Russia Prepare Document Guaranteeing Absence of Foreign Military and Transparency of Biolabs
Pashinyan Has Always Raised Russia-Azerbaijan Weapons Supply Issue in Discussions with Putin - Spokesperson
Erdogan Officially Declared 2019 as the Year of Armenian Portasar
The CSTO Secretary General Issue Must Be Settled in a Way not to Harm the Efficiency of the Structure - Russia’s Ambassador
James Mattis to step down as US defence secretary after announcing he can no longer support Donald Trump
His Holiness Karekin II Catholicos of All Armenians Sends a Message on the Occasion of the Feast of the Holy Nativity and Theophany of Our Lord Jesus Christ
Nikol Pashinyan:"We Have Erased the Borderline Between Armenia and the Diaspora Because our Main Task is to Create Opportunities for Everyone"
As the Leader of the Country that Chairs the International Organization of La Francophonie, Nikol Pashinyan Signs OIF Secretary General’s Employment Contract
Artsakh Foreign Minister Received Ambassador Extraordinary and Plenipotentiary of the Republic of Armenia to Austria Armen Papikyan