Iran lost around $2 billion in oil revenues since May, U.S. official says

Iran has lost around $2 billion in oil revenue since May, when U.S. President Donald Trump pulled out of the nuclear deal, U.S. Special Representative for Iran, Brian Hook, told reporters on a call on Monday.

"We have taken 1 million barrels (of oil) off the market and that alone will reduce the Iranian regime's oil revenues by $2 billion.

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Brent crude prices dip on rising supply, global market woes

Brent oil prices dipped on Tuesday, weighed down by ongoing weakness in global stock markets and by signs of rising global supply despite looming sanctions on Iran's crude exports.

Front-month Brent crude oil futures were at $77.18 a barrel at 0518 GMT, down 16 cents, or 0.2 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were firmer, however, at $67.19 a barrel, up 15 cents from their last settlement, bringing down the spread between the two main oil price benchmarks to below $10 per barrel.

Overall, however, oil has been caught up in broad financial market slumps this month, with stocks falling again on Monday after a report Washington was planning an additional $257 billion worth of tariffs on Chinese goods if upcoming talks between Presidents Donald Trump and Xi Jinping fail to end a trade war between the world's two largest economies.

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Oil up but posts weekly loss on stock build, trade tensions

Oil prices rose on Friday on signs of surging demand in China, the world's No. 2 oil consumer, although prices were headed for a second weekly decline on swelling U.S. inventories and concern that trade wars were curbing economic activity.

Brent crude futures rose 49 cents to settle at $79.78 a barrel. West Texas Intermediate (WTI) crude futures rose 47 cents to settle at $69.12 a barrel.

For the week, Brent fell 0.9 percent, while U.S. crude lost 3.1 percent. Both contracts have fallen around $7 a barrel below four-year highs reached in early October.

WTI's discount to Brent widened to its most since June 8, hitting $11.00 a barrel.

Refinery throughput in China, the world's largest oil importer, rose in September to a record 12.49 million barrels per day (bpd), government data showed.

The data fed hopes about oil demand in China, even though economic growth slowed in the third quarter to its weakest since the global financial crisis.

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