2018.09.1906:56:00UTC+00Oil Holds Near $80 On Supply Concerns

Oil prices steadied near $80 a barrel on Wednesday as investors eyed disruptions to global supplies once U.S. sanctions on Iran come into force.

Benchmark Brent crude was marginally lower at $79.02 a barrel after rising 1.3 percent on Tuesday amid reports that Saudi Arabia, the world's largest oil exporter, was comfortable with prices above $80.

U.S. crude futures were up 2 cents at $69.61 a barrel after climbing 1.4 percent in the previous session.

New U.S. oil sanctions will formally take effect on Nov. 4, but Iran's oil exports are already plummeting, leading to a supply shortfall in global markets.

Traders also took the Saudi comments as a sign that the country would not aggressively respond to the rise in prices with supply increases.