Oil hits four-year peak as Opec-plus shows no sign of turning on the taps
Crude oil prices are catapulted by imminent US sanctions on Iran's exports, but high oil prices threaten emerging-market growth
London — Crude oil prices shot to a four-year high on Tuesday, catapulted by imminent US sanctions on Iranian crude exports and the apparent reluctance of oil cartel Opec and Russia to raise output to offset the potential hit to global supply. Brent crude futures were up 61c at $81.81 a barrel by 11.21am GMT, having touched a session peak of $82.20, the highest price since November 2014. The oil price is on course for its fifth consecutive quarterly increase, the longest stretch of gains since early 2007, when a six-quarter run led to a record high of $147.50 a barrel. US crude futures were up 30c at $72.38 a barrel, close to their highest since mid-July. The US will target Iran's oil exports with sanctions from November 4, with Washington applying pressure on governments and companies around the world to fall into line and cut their purchases. "Iran will lose sizeable export volumes, and given Opec-plus's reluctance to raise output, the market is ill-equipped to fill the supply ga...
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