22.10.201816:11 Forex Analysis & Reviews: Black gold rises in price because of a possible recession in the market

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On Monday, October 22, global oil prices are moderately rising due to the high likelihood of reduced supply in the market. Such sentiments are due to the introduction of US sanctions against Iran's energy sector, experts say.

The cost of futures for North Sea Brent crude oil for December delivery rose to 0.3% to $ 80.02 a barrel. The price of December futures for WTI crude oil rose by 0.39% to $ 69.55 a barrel.

Recall that in May of this year, US President Donald Trump announced the country's withdrawal from the agreement on a nuclear program with Iran and the restoration of all sanctions against the Islamic Republic. Restrictions apply to countries doing business with Iran. A number of sanctions entered into force on August 7, 2018. The next tranche of restrictions, exciting oil exports, will be implemented from November 4 this year. The purpose of the White House, stated earlier, is to bring the export of black gold from Iran to zero.

According to experts, the Iranian embargo and high risks of falling oil supply associated with it, in the short term, will support the bull trend in the black gold market.

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