Oil Dips From Recent Highs On Hopes Of Alternatives To Iran Supply

Oil prices on Friday dipped away from multi-year highs reached the previous session on hopes that alternative supplies could replace a looming drop in Iranian exports when U.S. sanctions against Tehran are re-imposed.

The United States plans to re-introduce sanctions against Iran, which produces around 4 percent of global oil supplies, after abandoning an agreement reached in late 2015 that limited Tehran's nuclear ambitions in exchange for removing U.S.-Europe sanctions. sanctions come amid an oil market that has been tightening due to strong demand, especially in Asia, and as top exporter Saudi Arabia and No.1 producer Russia have led efforts since 2017 to with hold oil supplies to prop up prices. crude futures LCOc1 , the international benchmark for oil prices, were at $77.329 per barrel at 0308 GMT, down 19 cents, or 0.2 percent, from their last close. Brent the previous day hit its highest since November 2014 at $78 a barrel. For More Information Please Visit : www.paceresearchindia.com and Call : 8817774774