Brent crude oil prices increased to their highest since November 2014 on Monday, ahead of US sanctions against Iran, which is the third largest producer in the Organization of Petroleum Exporting Countries, or OPEC, that will take effect in the next month.
Benchmark Brent crude oil futures climbed to as much as $83.27 per barrel and were at $83.21, higher 48 cents, or 0.6 percent to their last close.
US West Texas Intermediate crude futures were 32 cents higher, or 0.4 percent, at $73.57 per barrel.
WTI prices were buoyed by a report on Friday of a stagnating rig count in the United States, which indicates a slowdown in US crude production, which now rivals the top producers in the world, Russia and Saudi Arabia.
Brent was pushed up by the imminent sanctions against Iran, which is set to kick off on the oil sector from November 4.
ANZ bank stated on Monday that “the market is eyeing oil prices at $100 per barrel.”
Meanwhile, hedge funds raised their bullish wagers on US crude in the week to September 25, which is a sign that the financial market is getting ready for further price hikes. This was according to the data from the US Commodity Futures Trading Commission (CFTC), increasing futures and options positions in New York and London by 3,728 contracts to 346,566 during the period.