Investing.com – Oil prices were hovering near the $82 a barrel level on Thursday, close to the four year highs reached earlier in the week amid fears of a supply shortage as the U.S. prepares to re-impose sanctions on Iran from Nov. 4.
London traded Brent crude futures were up 0.71% to $81.36 a barrel from their last close by 07:51 AM ET (11:51 AM GMT), holding below the high of $82.55 reached Tuesday, the most since November 2014.
U.S. crude prices added on 0.99% to trade at $72.28, not far from Tuesday’s peak of $72.75, the highest level since July 11.
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.
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