New York : Oil prices rose more than one percent, with Brent climbing to a
four-year high, as U.S. sanctions
on Tehran squeezed Iranian crude
exports, tightening supply even as
other key exporters increased
production.
Brent crude futures rose $1 to settle at $82.72 a barrel.
The session high of $82.87 was the contract´s highest since Nov. 10, 2014. In the third quarter, Brent has gained about 4 percent.
U.S. West Texas Intermediate (WTI) crude futures rose $1.13 to settle at $73.25 a barrel.
The session high of $73.73 was the highest since July 11. The contract is up about 5 percent this month but down around 1 percent for the quarter.
A new round of U.S. sanctions on Iran, the No. 3 producer in the Organization of the Petroleum Exporting Countries (OPEC), kicks in on November. 4.