Oil Nears $82 Per Barrel

Oil prices jump 1% as markets continue to prepare for the imposition of fresh sanctions on Iran by the US. Concerns about supply constraints likely to emerge once the new sanctions come into place in November are driving the oil price higher right now. Brent crude, the international benchmark, is at a high not seen since autumn 2014. You can follow oil prices live at Markets Insider. The price of oil is approaching $82 per barrel on Thursday as investors continue to pour into the commodity ahead of the imposition of fresh US sanctions against Iran, the world's fifth largest oil producer.