BAGHDAD, Oil prices rose on Thursday amid expectations of a drop in supply due to US sanctions on Iran, which is due to come into effect in November.
According to Reuters, Brent crude futures for the month of January hit $ 82.23 a barrel, up 89 cents, or 1.1 percent, from the latest settlement, just below the four-year high hit on Tuesday.
US West Texas Intermediate crude futures were $ 72.47 a barrel, up 90 cents, or 1.3 percent, on the latest settlement.
Traders reported that oil markets are seeing a drop in supply ahead of the US sanctions on the Iranian oil sector, which will be implemented on November 4.
Iranian crude oil exports peaked in 2018 with about three million barrels a day, equivalent to 3 percent of global consumption.
"Iranian exports in September fell to about 2 million bpd as buyers around the world capitulated to US pressure and cut imports," data from Thomson Reuters showed.
Source: National Iraqi News Agency