Oil Prices Jump As Gulf Of Mexico Rigs Evacuated

OPEC August oil output tops 2018 high: Poll

French oil-and-natural-gas company Total has "officially left" Iran in the face of the US threats, Iran's oil minister announced in August.

The reversal in oil prices from early July highs was triggered by easing threats of the tropical storm Gordon hitting the Gulf of Mexico.

US President Donald Trump in May pulled out of a 2015 nuclear deal with Iran and last month began reimposing sanctions that block other countries from trading with Iran. "So we are looking at both sides of this discussion", Mohammed bin Hamad Al Rumhy told CNBC's Hadley Gamble Monday.

Crude oil prices are now slightly higher.

Though Iranian oil makes up a relatively small part of the total, industry experts say consumers in Japan may have to pay more for gasoline and other petroleum-related products if imports are suspended.

WTI is now trading at $70.6 per barrel, and Brent is trading at $8.2 per barrel premium to WTI.

"In any case, the government intends to have talks with the U.S. tenaciously in order to continue Iranian crude oil imports", Seko added. With investors anticipating less supply from Iran due to upcoming USA sanctions, and Libya and Venezuela producing far-less than expected, the markets remain vulnerable to unexpected supply disruptions.

As oil markets show growing global supply concern, Iraq is signaling the jitters may be overdone.

It was only about three months ago that India's foreign minister said that the country won't adhere to unilateral restrictions and will continue buying Iranian crude. The high rig count has helped lift US crude production C-OUT-T-EIA by more than 30 percent since mid-2016 to 11 million bpd. The bank also said it expects Brent to average at $75 per barrel, a huge jump from its prior prediction of $55 per barrel.

The currency has been volatile for months because of a weak economy, financial difficulties at local banks, and heavy demand for dollars among Iranians who fear the pullout of Washington from a landmark 2015 nuclear deal and renewed USA sanctions could shrink Iran's exports of oil and other goods.

The Global Oil price fell on Monday with rising supply from the Organization of the Petroleum Exporting Countries and non-OPEC countries like the United States.

Elsewhere, analysts from BNP Paribas have lowered their forecasts for oil prices for the rest of the year in light of stable demand-supply expectations.

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