Iran tankers turn off trackers as U.S

Iran tankers turn off trackers as U.S

"OPEC and OPEC nations are as usual, ripping of the rest of the world, and I don't like it, nobody should like it", said Trump.

It could cause Washington to take extraordinary steps, including the use of the Strategic Petroleum Reserve, to cool down the crude oil and other fuel prices ahead of the US mid-term elections. He called on other nations not to rely on OPEC, lamenting the dependence Germany has on Russian Federation. This hike might take place for the first time since the year 2014 as the market braces for the loss of Iranian supplies because of the USA penalty.

Benchmark crude, Brent hit its highest since November 2014 at $80.94 per barrel, up $2.14 or 2.7 per cent, before easing to around $80.75 dollars.

Iran is the third biggest producer of oil in the Organization of the Petroleum Exporting Countries (OPEC).

Still, the oil market is bracing for a hit to global supplies from renewed US sanctions on Iran.

That threw a bit of cold water on bullish forecasts issued this week by trading giants Mercuria Energy Group Ltd and Trafigura Group, who said that supply losses could send oil back above $100 a barrel.

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A Nigerian oil industry official said OPEC will act to balance the market after oil prices hit a four-year high, but its options may be limited by available spare capacity.

India has decided against buying crude oil from Iran from November.

The so-called "OPEC+" group, which includes producers such as Saudi Arabia and Russian Federation, met over the weekend but did not see the need to add new output.

U.S. crude inventories rose by 1.9 million barrels in the week to September 21, according to U.S. Energy Information Administration (EIA) data.

"Undoubtedly the oil market is expected to be tight in coming months and, if OPEC's own numbers are to be believed, global oil inventories are to fall during the remainder of the year". In fact, it has been rising since early 2017, when the Organisation of the Petroleum Exporting Countries (OPEC), started halting the output to lift crude prices, together with other suppliers including Russian Federation.