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Oil gains 1 percent ahead of shortfall in Iran supply

Iran Materials 27 September 2018 16:12 (UTC +04:00)
Oil prices rose by nearly 1 percent on Thursday, driven by the prospect of a shortfall in global supply
Oil gains 1 percent ahead of shortfall in Iran supply

Oil prices rose by nearly 1 percent on Thursday, driven by the prospect of a shortfall in global supply once U.S. sanctions against major crude exporter Iran come into force in just five weeks’ time, Reuters reports.

U.S. President Donald Trump this week demanded that OPEC raise production to prevent further price rises ahead of key congressional elections in early November.

Analysts say the Organization of the Petroleum Exporting Countries and partner Russia appear unlikely at this point to respond immediately to Trump’s demands, while U.S energy secretary Rick Perry has also ruled out using U.S. strategic crude reserves as a means of lowering the price.

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