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Iran sanctions raise oil prices to green index
LONDON (Reuters) - Crude oil gained nearly $ 2 a barrel last week, after the price of Brent crude on Monday hit $ 82.89 a barrel and returned to $ 84.67 a barrel yesterday, meaning a gain of 1.78 cents.
US light crude also gained 1.41 cents last week, when it hit $ 73.29 at the beginning of the week, while yesterday it recorded $ 74.70 a barrel.
Oil prices were boosted by traders' expectations of a supply shortfall due to US sanctions on Iran's crude exports, which are expected to begin on Nov. 4.
All in all, oil prices are high as buyers begin to avoid Iran before US sanctions begin on November 4.
The fall in Iranian exports is offset by the impact of the June agreement between the Organization of Petroleum Exporting Countries (OPEC) and allies such as Russia in boosting production.
Washington has been pressing governments and companies throughout the year not to buy Iranian crude, with the aim of ending Tehran's involvement in the conflict in Syria and Iraq and forcing Tehran to negotiate its ballistic missile program.
The International Finance Institute noted that Iran's total exports fell to 2 million bpd in September from 2.8 million bpd in April.
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