Oil prices kept rising on Tuesday, as investors worried that U.S. sanctions on Iran and tensions between the U.S. and Saudi Arabia over the disappearance of a Saudi Arabian journalist could affect global crude supplies.
Reports that Iranian exports of crude oil may be falling faster than expected ahead of new U.S. sanctions on Tehran from Nov. 4 provided support to the oil prices.
According to media reports, in the first two weeks of October, Iran exported close to 1.5 million barrels per day (bpd) of crude, which is a sharp drop from 2.5 million bpd in April before U.S. President Donald Trump withdrew from a nuclear deal with Iran in May and ordered the re-imposition of sanctions.
Meanwhile, traders kept a close eye on the relations between the U.S. and Saudi Arabia after the disappearance of the journalist.
Traders worried that worsening tensions between the two nations could result in a curtailment of global crude production.
The West Texas Intermediate for November delivery rose 0.14 U.S. dollar to settle at 71.92 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery added 0.63 dollar to 81.41 dollars a barrel on the London ICE Futures Exchange.
Reports that Iranian exports of crude oil may be falling faster than expected ahead of new U.S. sanctions on Tehran from Nov. 4 provided support to the oil prices.
According to media reports, in the first two weeks of October, Iran exported close to 1.5 million barrels per day (bpd) of crude, which is a sharp drop from 2.5 million bpd in April before U.S. President Donald Trump withdrew from a nuclear deal with Iran in May and ordered the re-imposition of sanctions.
Meanwhile, traders kept a close eye on the relations between the U.S. and Saudi Arabia after the disappearance of the journalist.
Traders worried that worsening tensions between the two nations could result in a curtailment of global crude production.
The West Texas Intermediate for November delivery rose 0.14 U.S. dollar to settle at 71.92 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery added 0.63 dollar to 81.41 dollars a barrel on the London ICE Futures Exchange.
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