International benchmark Brent crude traded at $77.13 per barrel at 0743 GMT on Monday, while the American benchmark West Texas Intermediate (WTI) saw prices of $67.23 per barrel.
Brent crude traded at $76.05 per barrel at 1332 GMT on Friday, while WTI saw prices of $66.47 per barrel.
Crude oil prices started the week with a limited downtick amid concerns of slowdown in global economic growth, especially in Asia’a emerging economies, as a result of trade tensions between the U.S. and China.
However, experts say that the U.S. sanctions on the third-largest oil producer of the Organization of the Petroleum Exporting Countries (OPEC), Iran, which are set to enter into force on Nov. 4, will continue to impact oil prices, preventing them from falling further.
Moreover, on Sunday, Iran’s First Vice President Eshaq Jahangiri said that U.S. tells lies that Saudi Arabia and other countries can fill possible Iran oil shortfall not to let the oil price increase.
Experts are debating whether oil producers, like Saudi Arabia, will be able to fully replace volumes resulting from anticipated Iranian disruptions.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr