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Oil prices rise 1 percent ahead of U.S. sanctions against Iran

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Oil prices rise 1 percent ahead of U.S. sanctions against Iran

Oil prices rose by 1 percent on Thursday, pushed up by the prospect of tighter markets due to U.S. sanctions against major crude exporter Iran, which are set to be implemented in November.

Front-month Brent crude futures LCOc1 were at $82.23 per barrel at 0650 GMT, up 89 cents, or 1.1 percent from their last close, and just off Tuesday's four-year high.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $72.47 a barrel, up 90 cents, or 1.3 percent from their last settlement.

Traders said oil markets were tightening ahead of Washington's planned sanctions on Iran's petroleum industry from Nov. 4.

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