Oil trades near four-year peak ahead of United States sanctions on Iran

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USA oil prices gained 2.8 percent Monday on breakthrough of trade talks among the United States, Canada and Mexico and concerns over tight oil supply due to sanctions on Iran.

The most-active December Brent crude futures contract LCOv1 settled up 59 cents at $81.38 a barrel, below the session high of $81.90 but still within sight of Tuesday's four-year high of $82.55. WTI has risen around 18 percent since mid-August.

Brent crude oil futures - the oil market which Nigeria and other global giant trade on - rose to $85.11 a barrel at the open of the market on Tuesday, October 2, 2018, according to data seen on oilprice.

Sentiment was lifted by a last-gasp deal to salvage NAFTA as a trilateral pact between the United States, Mexico and Canada, rescuing a $1.2 trillion a year open-trade zone that had been about to collapse.

Oil prices rose by 4.1 per cent in the third quarter of this year to $82.72 per barrel, the highest level in almost four years.

Iran has no plans to cut oil production, the head of the state-run National Iranian Oil Company, Ali Kardor said, according to the Tasnim news agency.

"The supply situation looks fragile indeed, as any additional shortfall such as a deterioration of the situation in Venezuela would tighten oil supplies".

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The strict new regulation went into affect in May, and aims to safeguard user data for individuals within the European Union. Facebook chief executive Mark Zuckerberg said engineers discovered the breach on Tuesday, and patched it on Thursday night.

Analysts from a UK-based bank believed there is now a growing risk of the crude rising as high as $100 per barrel.

Most of the bullish trend came in response to the fact that the U.S. is ready to put sanctions on Iran and soon the supplies will drop in the market.

Managing director at an investment services firm Brian Kessens stated that the group of believers that $100 oil could be hit keeps expanding, with spare capacity concerns continuing to grow.

But for now the focus is USA sanctions on Iran's energy industry, which come into force on November 4 and are created to cut crude exports from the third-biggest producer in the Organization of the Petroleum Exporting Countries.

Trump has demanded that OPEC raise its output to offset the decline in Iranian supplies.

With oil prices soaring, there are concerns over their inflationary effect on demand growth, especially in Asia's emerging markets where weakening currencies are further adding to high fuel import costs.

Donald Trump spoke on the phone Saturday with King Salman bin Abdulaziz of Saudi Arabia, days after the USA president's latest criticism of OPEC over high oil prices.

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