US oil prices rise as Gulf oil rigs evacuated ahead of hurricane

US oil prices rise as Gulf oil rigs evacuated ahead of hurricane

US oil prices rise as Gulf oil rigs evacuated ahead of hurricane

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.

US oil prices headed higher on Tuesday after two oil platforms on the Gulf of Mexico were evacuated in advance of an expected hurricane.

Benchmark Brent crude was up 1.33 percent at $79.20 a barrel.

USA sanctions are already curbing exports from Iran.

"In part, this is because of the USA -dollar's strength, weighing heavily on emerging market currencies, including the yuan, which in turn has pushed up the costs of all dollar-denominated commodities", he added.

Crude oil prices are now slightly higher.

According to Stephen Innes, Asia-Pacific brokerage OANDA's head of trading, the Brent crude oil benchmark's price rise has been supported by the expectation that the upcoming United States sanctions are going to lead to constrained markets across the globe.

Global oil markets have tightened over the past month, pushing Brent prices up by more than 10% since the middle of August.

Industry leader JXTG Nippon Oil & Energy Corp. and other distributors need to decide by early this month whether to continue importing Iranian oil in time to make necessary arrangements.

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Japan's Iranian oil imports increased year on year for the third consecutive month in July as refiners rush to take cargoes before U.S. sanctions come into effect against the Middle East supplier in November.

India will allow state refiners to import Iranian oil if Tehran arranges and insures tankers.

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

Iran suffered the biggest drop across the group with a decline of 240,000 barrels a day, pushing its production down to 3.5 million barrels a day.

The Iranian currency hit a new low against the U.S. dollar as the country's economy continues to weaken amid fears that the re-imposition of sanctions by the United States would stifle the oil exports from the country.

French bank BNP Paribas struck a similar tone, warning of "supply issues" for the rest of the year and into 2019.

"Crude oil export losses from Iran due to USA sanctions, production decline in Venezuela and episodic outages in Libya are unlikely to be offset entirely by corresponding rises in OPEC+ production", Tchilinguirian said.

The average retail price for a liter of regular has been above ¥150 since late May.

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