Iran Sanctions Cause Oil Prices To Rise – 23 August, 2018

U.S. sanctions on Iran are expected to cut a significant amount of crude from the market, causing oil prices to grow on Friday. West Texas Intermediate crude futures are up 41 cents and 0.6 percent to $68.24 per barrel. Brent crude futures are up 34 cents and 0.5 percent to $75.07 per barrel. Within OPEC, Iran is the third largest oil producer with roughly 2.5 percent global consumption.