Oil races toward $85 as Iran sanctions loom

Crude oil

Brent crude oil prices hit their highest level since November 2014 yesterday ahead of U.S. sanctions against Iran.

Brent sweet crude oil futures rose to as much as 83.27 dollars a barrel. U.S. West Texas Intermediate crude futures were at 73.57 dollars a barrel.

Brent was pushed up by the looming sanctions against Iran which will start targeting its oil sector from November.

ANZ Bank said on yesterday that “the market is eyeing oil prices at 100 dollars per barrel. ’’ There had been expectations China would ignore U.S. sanctions.

However, China’s Sinopec is halving loadings of crude oil from Iran this month, in a sign that pressure from Washington is having an effect.

U.S. President Donald Trump called Saudi Arabia’s King Salman on Saturday, discussing ways to maintain sufficient supply once Iran’s exports are hit by sanctions.

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