Oil prices rose on Tuesday on signs of falling Iran oil exports ahead of US sanctions against Tehran in November, while geopolitical tensions remain over a missing Saudi journalist. International benchmark Brent crude for December delivery rose 9 cents, or 0.1 per cent, to $80.87 per barrel by 0032 GMT.
US West Texas Intermediate crude for November delivery was up 5 cents at $71.83 a barrel. Iran has exported 1.33 million barrels per day (bpd) to a few countries including India and China in the first two weeks of October, according to Refinitiv Eikon data. That was down from at least 2.5 million bpd in April before US President Donald Trump withdrew from a multi-lateral nuclear deal with Iran in May.
As looming Iran sanctions raise supply concerns, Saudi Arabia’s Energy Minister Khalid al-Falih said on Monday the kingdom is committed to meeting India’s rising oil demand and is the “shock absorber” for supply disruptions in the oil market. Read more