Oil rises as market ponders scale of future Iran exports
- 8 years ago
Oil prices edged up on Monday after a breakdown in diplomatic ties between Saudi Arabia and Iran that some speculated could result in supply restrictions, although gains were tempered by data showing some of Asia's largest economies are struggling.
Saudi Arabia, the world's biggest oil exporter, cut diplomatic ties with Iran on Sunday in response to the storming of its embassy in Tehran following Riyadh's execution of a prominent Shi'ite cleric on Saturday.
Benchmark Brent crude futures were last up 76 cents on the day at $38.04 a barrel at 1115 GMT, near an intraday high of $38.50.
The clash between the two Middle Eastern countries comes as Iran, which holds some of the largest proven reserves, hopes to ramp up oil exports following the expected removal of sanctions against it.
Saudi Arabia, the world's biggest oil exporter, cut diplomatic ties with Iran on Sunday in response to the storming of its embassy in Tehran following Riyadh's execution of a prominent Shi'ite cleric on Saturday.
Benchmark Brent crude futures were last up 76 cents on the day at $38.04 a barrel at 1115 GMT, near an intraday high of $38.50.
The clash between the two Middle Eastern countries comes as Iran, which holds some of the largest proven reserves, hopes to ramp up oil exports following the expected removal of sanctions against it.