{"id":2099,"date":"2018-09-12T21:50:14","date_gmt":"2018-09-12T21:50:14","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/oil-pushes-past-80-as-iran-fears-mount\/"},"modified":"2018-09-12T21:50:14","modified_gmt":"2018-09-12T21:50:14","slug":"oil-pushes-past-80-as-iran-fears-mount","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/oil-pushes-past-80-as-iran-fears-mount\/","title":{"rendered":"Oil pushes past $80 as Iran fears mount"},"content":{"rendered":"\n
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\"OilImage copyright<\/span>
\n Reuters<\/span><\/p>\n

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Oil has risen above $80 a barrel to its highest level this year amid concerns about supplies from Iran and a fall in US stockpiles.<\/p>\n

Brent crude rose more than 1% to $80.13 – the first time it has breached $80 since late May. <\/p>\n

The rise reflects concern about the impact of US sanctions against Iran that will target oil exports.<\/p>\n

“Iran is increasingly becoming the preoccupation of the crude market,” said consultants JBC Energy.<\/p>\n

“The last couple of weeks have seen the expected squeeze on Iranian crude flows taking shape, with overall outflows down markedly.”<\/p>\n

Gordon Gray, HSBC’s global head of oil and gas equity research, said there were “real risks” that Brent could hit $100 a barrel. <\/p>\n

“The fact that much higher supply is already needed from the likes of Saudi Arabia – and the low levels of spare capacity remaining – leave the global system highly vulnerable to any further significant outage,” he said.<\/p>\n

‘Huge uncertainty’<\/h2>\n

Russian energy minister Alexander Novak said global oil markets were fragile due to geopolitical risks and supply disruptions.<\/p>\n

He also warned of the impact of US sanctions against Iran: “This is a huge uncertainty on the market – how countries, which buy almost 2 million barrels per day of Iranian oil, will act. The situation should be closely watched, the right decisions should be taken.” <\/p>\n

Opec, the Organization of the Petroleum Exporting Countries that accounts for 40% of global production, cut its forecast for oil demand growth next year in its monthly report.<\/p>\n

Oil traders were also watching the progress of category 4 Hurricane Florence, which is expected to make landfall in the US by Friday.<\/p>\n

US crude rose 91 cents to $70.16 a barrel.<\/p>\n

In January Brent crude hit $70 a barrel<\/a> for the first time since December 2014.<\/p>\n<\/p><\/div>\n


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Source<\/a> by [author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Image copyright Reuters Oil has risen above $80 a barrel to its highest level this year amid concerns about supplies from Iran and a fall in US stockpiles. Brent crude rose more than 1% to $80.13 – the first time it has breached $80 since late May. The rise reflects concern about the impact of … <\/p>\n","protected":false},"author":0,"featured_media":2100,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/2099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=2099"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/2099\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/2100"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=2099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=2099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=2099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}