October ICE Brent settled 38 cents higher at $72.21/b Monday, while September NYMEX crude settled 53 cents higher at $66.44/b as market participants focused on the impact of renewed US sanctions against Iran and dwindling Venezuelan output. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The sanctions, slated to take effect on November 5, are expected to remove around 1 million b/d from the market. The US is expected to increase pressure on importers of Iranian crude to find alternate sources. The continued deterioration of Venezuela’s oil sector remains a supportive factor as well. Venezuela’s crude exports are expected to average 971,000 b/d in August, according to cFlow, S&P Global Platts trade flow software, down from 1.19 million b/d in July. Supply concerns are overshadowing the impact of trade disputes on demand, and ensuing global currency issues. “The pronounced depreciation of currencies in […]