Oil markets opened strongly on Tuesday, with Brent crude remaining near a four-year reached the previous session. Oil markets have been driven up by looming U.S. sanctions against Iran and an unwillingness or inability by Middle East dominated producer cartel OPEC and Russia to raise output. Brent crude futures were at $81.39 per barrel at 0042 GMT, up by 19 cents, or 0.2 percent from their last close.
This was not far off the November 2014 high of $81.48 a barrel reached the previous day. U.S. West Texas Intermediate (WTI) crude futures were at $72.22 a barrel, up 14 cents, or 0.2 percent from their last settlement. The United States from November will target Iran's oil exports with sanctions, and Washington is putting pressure on governments and companies around the world to fall in line and cut purchases from Tehran.
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