Top

Oil approaches $82 as Iran sanctions continue to drive supply fears (OIL)

September 27, 2018

Category:

The price of oil is approaching $82 per barrel on Thursday as investors continue to pour into the commodity ahead of the imposition of fresh US sanctions against Iran, the world’s fifth largest oil producer.

Concerns about supply constraints likely to emerge once the new sanctions come into place in November are driving investors to buy into oil ahead of time, in turn pushing up prices.

As of 8.50 a.m. BST (3.50 a.m. ET) on Thursday morning, Brent crude oil, the international benchmark, is trading at $81.69 per barrel, a gain of more than 1%, and its highest level in almost four years. Here’s the long-term chart:

Read More on Business Insider