Brent oil hits $75.5 per barrel

Oil prices are rising today supported by signs that U.S. sanctions on Iran are already reducing global crude supply.

As of 14:37 (MSK) Brent oil futures for October delivery rose to $75.54 per barrel (up by $0.81 or 1.08%) on the ICE Exchange in London.

October U.S. West Texas Intermediate (WTI) crude futures were up $0.76 or 1.12% at $68.59 a barrel on the New York Mercantile Exchange.

According to analyst at London brokerage PVM Oil Associates Stephen Brennock, both crude markers are on track to end a steady run of weekly declines, which is largely due to a tightening fundamental outlook on the back of looming Iranian supply shortages.