U.S. Sanctions On Iran Exports Cause Oil Prices To Rise – 4 October, 2018

U.S. sanctions against Iran’s crude exports have grabbed traders attention, causing oil to rise on Friday. A U.S. oversupply as well as Saudi Arabia and Russia privately agreeing to raise output to make up for Iran disruptions had caused prices to take a dip the day before. Brent crude oil futures were up 40 cents and 0.5 percent to $84.98 per barrel, and U.S. West Texas Intermediate crude futures were up 0.7 percent and 50 cents to $74.83 per barrel.