Investing.com – Oil prices eased on Tuesday but remained close to their highest levels in four year amid fears of a global supply shortage as the U.S. prepares to re-impose sanctions on Iran from Nov. 4.
U.S. crude prices were trading at $75.16 by 09:53 AM ET (13:53 GMT), after earlier hitting a high of $75.91, the most since November 2014. Priced had rallied 2.76% in the previous session.
London traded Brent crude futures were down 0.29% to $84.72 a barrel from their last close, not far from Monday’s highs of $85.45, which was also a four year peak.
The impending loss of supply from Iran has seen oil prices rally, and the Organization of the Petroleum Exporting Countries and non-OPEC members, including Russia, have little spare capacity to boost output in order to offset falling global supply.