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oil prices rise due to US sanctions against Iran

The Address | Benghazi – Libya

THE ADDRESS SOURCES – Oil prices rose on Monday as US markets narrowed just weeks ahead of the US plan to impose new sanctions on Iran, while major traders and banks expected prices to exceed $ 90 a barrel in the coming months.

Brent crude futures were $ 79.82 a barrel, up $ 1.02, 1.3 percent from the previous close.

US crude was up 82 cents, or 1.2 percent, at $ 71.60 per barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and Russia are looking to increase production to compensate for Iran’s supply shortfall, but a decision has yet to be made.

Saudi Oil Minister Khalid al-Faleh said Sunday that oil-producing countries would move in “the right time” to increase their production, in response to US President Donald Trump’s demand that OPEC produce more crude.

Al-Faleh said this after a meeting in Algeria, which included the signatories in 2016 on an agreement setting a ceiling for crude production in order to raise prices.

The meeting ended without a decision to change the current level of OPEC production.

Trump seems to be counting on his Saudi allies, the world’s first oil exporter, to make up for the shortfall that will be caused by a drop in Iranian exports due to sanctions, which could lead to higher prices.

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