Oil rises as Iranian crude exports fall
Iranian crude exports slip to 1.1-million bpd with Gulf of Mexico oil platforms evacuated ahead of another hurricane
London — Oil prices rose on Tuesday as more evidence emerged that crude exports from Iran, oil cartel Opec's third-largest producer, are declining before the imposition of new US sanctions and as a hurricane moved across the Gulf of Mexico. Benchmark Brent crude was up 55c at $84.46 a barrel by 7.30am GMT, having fallen as low as $82.66 on Monday. Brent hit a four-year high of $86.74 last week. US light crude was up 45c at $74.74. Iran’s crude exports fell further in the first week of October, according to tanker data and an industry source, as buyers sought alternatives ahead of US sanctions that take effect on November 4. The Islamic Republic exported 1.1-million barrels per day (bpd) of crude in that seven-day period, Refinitiv Eikon data showed. An industry source who also tracks exports said October shipments were, so far, below 1-million bpd. This is down from at least 2.5-million bpd in April, before US President Donald Trump withdrew the US from a 2015 nuclear deal with Iran...
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