Oil holds near four-year high after Opec+ turns down Trump
D-day for US sanctions against Iran is approaching, with no sign that other Opec producers will increase output to plug the gap
Singapore — Brent crude oil rose for a second day on Tuesday, remaining within range of a four-year high reached on Monday. Looming US sanctions against Iran and the unwillingness or inability of the Organisation of the Petroleum Exporting Countries (Opec) and top oil producer Russia to raise output to offset the loss of Iranian supply have spurred prices higher. Brent crude futures were at $81.42 a barrel at 3.15am GMT, up 22c or 0.3% and close to the intraday peak reached the previous day of $81.48, the highest since November 2014. US West Texas Intermediate (WTI) crude futures were at $72.26 a barrel, up 28c or 0.3% from their last settlement. The US will target Iran's oil exports with sanctions that take effect on November 4, and Washington is putting pressure on governments and companies around the world to fall in line and cut purchases from Tehran. "Iran will lose sizeable export volumes, and given Opec+ reluctance raise output, the market is ill-equipped to fill the supply g...
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