Brent Gains Above $78 as Lower Iranian Crude Flows Curb Supply - Bloomberg:
Oil in London traded near a two-month high as Iranian crude and condensate exports fell to their lowest level in more than two years, showcasing concerns over a potential supply shortfall once U.S. sanctions on the Middle East nation’s shipments start in November.
Brent futures gained as much as 0.7 percent. Iran shipped just under 2.1 million barrels a day of crude and condensates in August, the lowest since March 2016, ship-tracking data compiled by Bloomberg show. Still, Russia kept pumping oil near post-Soviet records last month, and Saudi Arabia boosted output to more than 10.42 million barrels a day.
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