Oil prices rose above $81 a barrel to fresh four-year highs on Monday after global producers decided against further output increases despite demands from US President Donald Trump for action to cool prices.
Saudi Arabia, Russia and their allies inside and outside the Opec cartel declined to announce additional increases to production beyond what had been agreed in June during meetings in Algeria at the weekend.
US sanctions on Iran’s energy sector are due to come into effect in November, but they are already beginning to hit the country’s oil exports as buyers reduce purchases of Iranian barrels for fear of financial penalties.
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