Japan to halt Iran oil imports under US pressure

OPEC August oil output tops 2018 high: Poll

U.S. President Donald Trump pulled in May pulled out of the 2015 nuclear deal with Iran and nearly immediately began reimposing sanctions against Tehran. However, these gains were still limited since higher oil supplies were coming in from OPEC as well as the US.

Oil prices dipped on Thursday as emerging market turbulence weighed on sentiment, while a deadline neared for a potential new round of USA tariffs on another $200 billion of Chinese goods.

The sharp increase was linked to mounting concerns that falling Iranian output could tighten markets once USA sanctions bite from November.

The Global Oil price fell on Monday with rising supply from the Organization of the Petroleum Exporting Countries and non-OPEC countries like the United States.

US oil prices headed higher on Tuesday after two oil platforms on the Gulf of Mexico were evacuated in advance of an expected hurricane.

Deputy Foreign Minister Abbas Araqchi warned on Tuesday that Tehran would withdraw from the nuclear deal if the Europeans fail by November 4 to design a mechanism to safeguard Iran's main interests, including oil sales and banking payments, in the accord.

Brent for November settlement climbed 19 cents to $78.34 a barrel on the ICE Futures Europe exchange.

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OPEC crude production rose in August to the highest level this year as a recovery in Libyan output helped to offset a cut in Iranian exports due to US sanctions.

Output was boosted by a recovery in Libyan production and as Iraq's southern exports hit a record.

The increased volumes at the newly operational Umm Lulu oil field would raise the total UAE oil production to 3 million bpd.

Crude inventories fell by 1.17 million barrels to 404.5 million barrels in the week to August 31, while refinery crude runs rose by 198,000 barrels per day (bpd), the data showed. According to a private survey, export orders have dropped down for the fifth straight month.

"It isn't at all clear that such type of economic headwinds will topple oil prices", Innes said. He stated that it was not yet clear whether such economic headwinds would be able to topple oil prices.

At the start of the week after the long USA holiday week-end, crude oil was already being underpinned by supply issues after global markets had tightened throughout the month of August. This could mean that consumers in the United States could pay up to as much as $4 per gallon for unleaded gasoline.

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