Oil Market News, OPEC+, sanctions and price shocks

October Russian Urals oil prices trade $5/bbl above price cap as Brent rallies, calculations show​

MOSCOW/NEW DELHI, Oct 4 (Reuters) - Prices of October Urals crude oil have risen back above $65 a barrel at Russian Baltic and Black Sea ports, or $5 higher than the price cap set by Western nations, Reuters calculations showed on Friday, as the conflict in the Middle East pushed up oil prices.

Oil prices surged on Thursday as concerns mounted that a widening regional conflict in the Middle East could disrupt global crude flows. Brent crude futures were up again on Friday, by 55 cents, or 0.7%, at $78.17 a barrel, as of 0831 GMT.

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US expands sanctions against Iran's 'ghost fleet' of oil tankers​

WASHINGTON, Oct 11 (Reuters) - The United States expanded sanctions against Iran's petroleum and petrochemical sectors on Friday in response to an Iranian missile attack on Israel, the administration of President Joe Biden said.

The U.S. move adds petroleum and petrochemicals to an executive order that targets key sectors of Iran's economy with the aim of denying the government funds to support its nuclear and missile programs.

"The new designations today also include measures against the 'Ghost Fleet' that carries Iran’s illicit oil to buyers around the world," Jake Sullivan, the national security adviser, said in a statement. "These measures will help further deny Iran financial resources used to support its missile programs and provide support for terrorist groups that threaten the United States, its allies, and partners."

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