Brent Oil Rises Back Above $80

Monday,   22-Oct-2018   03:39 PM (IST)

In commodities, oil prices were higher to start the week, as looming U.S. sanctions on Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), are widely expected to lead to a tighter market.The sanctions, which from Nov. 4 will include Tehran's oil exports, are being reinstated after U.S. President Donald Trump pulled out of the Iran nuclear deal earlier this year.Simmering geopolitical tensions between OPEC kingpin Saudi Arabia and the U.S. over the suspected death of Jamal Khashoggi, a prominent Saudi journalist, who disappeared after entering the Saudi consulate in Turkey earlier this month, also provided support.Benchmark Brent crude oil futures were up 30 cents, or 0.3%, at $80.06 a barrel.U.S. West Texas Intermediate WTI crude futures were at $69.50 a barrel, up 38 cents, or 0.5%, above their last close.