According to Nigeria's "National News" reported on August 7, international oil prices rose on August 7 because the United States re-imposed sanctions on Iran, a major crude oil exporter, and tightened the global crude oil market. Brent low sulfur crude oil futures price is $74.08 per barrel, and the US West Texas light crude oil futures price rises to $69.2 1 barrel.

The U.S. sanctions against Iran came into effect on Tuesday morning 12: 00 (04: 0 GMT1). Many countries (including China and India, America's allies in Europe) oppose the sanctions, but the US government expressed the hope that as many countries as possible would stop buying Iranian oil. In July, Iran sold nearly 3 million barrels of crude oil every day on average.

A senior U.S. government official said on Monday that the United States will cooperate with various countries on a case-by-case basis with the goal of reducing Iran's fiscal revenue.

Societe Generale said that sanctions against Iran will reduce the supply of spot crude oil market by 6,543,800+100,000 barrels per day. Analysts warned that the global heat wave will also affect oil demand. This summer, most parts of the northern hemisphere were affected by extreme high temperature, and industrial and residential refrigeration pushed up the demand for power fuel.

Source: China Daily.