Bubbling up: Oil prices nudge higher in wake of US sanctions on exporter Iran

Oil prices were trading higher yesterday amid expectations that US sanctions on major exporter Iran will tighten global supply. It came as the first wave of US sanctions against the country officially came into effect. Hussein Sayed, chief market strategist at FXTM, said: “Many investors were watching oil prices after the US reimposed sanctions on Iran. The US aims to bring Iranian oil exports to zero by November, but, given that China, India, and the EU are opposing these sanctions, it’s becoming a difficult guess as to how many barrels will be off the market by then.”