Brent crude oil prices rose to their highest level on Monday since November 2014, ahead of US sanctions against Iran that will come into force on Nov. 4.

 

Benchmark Brent crude futures were last trading up at 47 cents at $83.20 per barrel, while the US West Texas Intermediate (WTI) crude futures rose 31 cents at $73.56 a barrel.

 

“If Chinese refiners do comply with US sanctions more fully than expected, then the market balance is likely to tighten even more aggressively,” Edward Bell, commodity analyst at Emirates NBD bank, said in a note on Sunday.

 

Meanwhile, US President Donald Trump called Saudi Arabia’s King Salman on Saturday to discuss ways to maintain sufficient supply once Iran’s exports are hit by sanctions.

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