Oil price is heading towards $90 per barrel

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Oil futures jumped more than US$2 (RM8.30) a barrel Monday, rising to levels not seen since November 2014, as United States sanctions on Iran loom and a North American trade deal fosters growth.

Both crude benchmarks closed almost 3% higher Monday, with the US benchmark settling at a four-year closing high of $75.30 a barrel.

Crude has rallied about 16 percent since mid-August as supply losses from Iran to Venezuela continued to rattle global markets.

Worldwide benchmark Brent crude oil futures LCOc1 were at $85.28 per barrel, up 30 cents, or 0.4 percent, from their last close. That's the highest level since November 2014.

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In line with Reuters' survey, Bloomberg also reported that the OPEC production was expected to rise by only 30,000 barrels per day in September as the majority of the increase was offset by a 140,000 bpd fall in Iran's production.

Donald Trump spoke on the phone Saturday with King Salman bin Abdulaziz of Saudi Arabia, days after the US president's latest criticism of OPEC over high oil prices.

"Against this backdrop of dwindling Iranian oil supplies, the focus will turn to meek levels of global, or more accurately, Saudi spare capacity", Stephen Brennock of PVM Oil Associates said in a note, according to CNBC. Concerns over tightening Iranian oil supplies continue to support the rise in crude oil prices.

Iran could lose up to 1.5 million barrels per day when USA sanctions kick in early November.

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Trump, facing political pressure at home, has been calling on OPEC and American allies like Saudi Arabia to boost their production to lower global crude oil prices.

High oil prices make Americans question the Trump administration's work - analyst to RT Surging crude prices are causing rises in USA gasoline prices. Money managers are positioning for a shortage of Brent and Brent-linked oil grades, as the USA sanctions on Iran are expected to remove more than 1 million bpd-some say even more than 1.5 million bpd or as much as 2 million bpd-of Iranian oil from the market.

With oil prices soaring, there are concerns over their inflationary effect on demand growth, especially in Asia's emerging markets where weakening currencies are further adding to high fuel import costs.

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