Oil prices increased by 1% on October 31, a week before US sanctions are introduced against Iran’s energy sector, Reuters reports.
Brent crude prices rose 80 cents to $76.71 per barrel while US light crude was up 60 cents to $66.78.
US sanctions on Iran’s crude exports will come into effect on November 4. Washington has threatened financial and economic sanctions on countries that continue to purchase Iranian crude after this date.
Government and shipping data showed that Asian imports of Iranian crude hit a 32-month low in September, as China, South Korea and Japan look to avoid financial penalties from the US.
Oil prices have suffered their worst month since July 2016, falling from $86.29 on October 3 to $75.91 on October 30.