Crude oil prices shot to a fresh four-year high on Tuesday, rallying as U.S. President Donald Trump spoke heatedly about Iran ahead of U.S. sanctions on the country’s crude exports and bolstered by the apparent reluctance of OPEC and Russia to raise output to offset the potential hit to global supply.
Trump said in a speech before the United Nations that the United States will put more sanctions on Iran following oil sanctions that go into effect in Nov. 4.
The sanctions are expected to have an immediate impact on OPEC’s third largest producer’s exports.
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