Oil Climbs as Market Eyes Iran Supply Risks

The first week of August didn't see much change in crude oil price as dollar denominated Crude Oil WTIUSD moved in sync with momentum from last week of July.

Saudi Arabia was Japan's largest supplier of crude in fiscal 2017, accounting for 39 percent, while Iran was sixth at around 5 percent, according to the Japanese government.

Japan's major oil wholesalers are preparing to suspend crude oil imports from Iran in October, amid fears Washington will sanction countries importing Iranian crude, local media reported.

International Brent crude futures, by contrast, lost ground, trading at $78.07 per barrel, down 8 cents from their last close.

United States oil prices rose on Tuesday, breaking past $70 per barrel, after two Gulf of Mexico oil platforms were evacuated in preparation for a hurricane.

Crude gained further on news of Sino-U.S.

Eight killed in blast at South African munitions depot
"The City's Fire and Rescue Service responded to Rheinmetall Denel Munitions Factory at 15:45". A further four people were pronounced dead after their bodies were recovered from the factory.

"U.S. producers are resisting temptation and exercising capital discipline, OPEC and Russian Federation have convinced market participants they are managing the supply of over half of global production, the U.S.is using sanctions more actively, and several key OPEC producers are at risk of being failed states", Barclays said.

While sanctions against Iran are beginning to impact oil supply, lifting crude prices amid a fall in USA crude inventories, Iraq is waiting in the wings, ready to increase its crude oil exports in anticipation of slipping Iranian oil exports waiting only on the go-ahead from OPEC and this could provde to be a limiting factor in Crude oil price growth.

Jiji Press agency and Kyodo on September 3 reported that the action comes in response to US sanctions against Tehran and threats they could be extended to companies doing business with Iran.

Discounts, bartering and smuggling - even disabling the tracking systems on its fleet of tankers - are among the tactics Iran may lean on to keep nearly 800,000 barrels a day of its exports flowing after US restrictions resume in November, Ellen Milligan writes.

LONDON-Oil prices started September higher Monday as investors refocused on looming risks to Iranian supply, despite signs of rising output from the U.S.

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