Crude Oil Prices Settle Higher as US Says Nations Must Cut Iranian Crude Imports

Strong buying emerged in oil markets Tuesday as focus shifted to an expected decline in Iranian crude exports after a senior U.S. State Department official said countries must stop purchasing crude by the start of November or face sanctions.

Companies that buy Iranian crude oil must completely halt those exports by Nov. 4 or else they will face powerful U.S. sanctions, a senior State Department official told reporters on Tuesday.

Oil prices moved sharply higher as investor focus shifted to the prospect of a void in global supplies as Iran – OPEC’s third largest producer – exports more than 2 million barrels per day (bpd).

Renewed focus on upcoming sanctions against Iran, offset some earlier weakness in oil prices, which followed a report Saudi Arabia plans to hike crude output to record levels.
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