Brent crude at highest since October 2014, Iran sanctions drive buying | Reuters

Brent crude at highest since October 2014, Iran sanctions drive buying | Reuters:

Brent crude rose to a four-year high on Wednesday, as the market focused on upcoming U.S. sanctions on Iran while shrugging off the year’s largest weekly build in U.S. crude stockpiles and reports of higher Saudi Arabian and Russian production.

“Nothing matters between here and Nov. 4,” said Bob Yawger, director of futures at Mizuho in New York, referring to the date when U.S. sanctions take full effect. “You just had the biggest build this year, and the market rallied right through it.” 


Brent crude LCOc1 rose $1.81 to $86.60 a barrel by 1:40 p.m. EDT (1740 GMT), touching a high of $86.74 a barrel, the most since Oct. 30, 2014. U.S. crude CLc1 was up $1.50 at $76.73 a barrel.