Brent oil price is struggling to exceed $78 level, as perspectives of Iran export cut met with possibility of higher supply from two leading producers, Saudi Arabia and Russia, Bloomberg reports.

Brent futures with November delivery are stable today. Last week they crossed $78 mark first time since July 11. In August Iran delivered 2,1 million barrels a day. This is the lowest volume since March 2016. Meanwhile, output level in Russia was close to post-Soviet times last week, while Saudi Arabia raised production to 10,42 million barrels a day.

Brent oil gained 4,3% last month amid rising concerns over supply restrictions due to US sanctions against Iran that will come into effect in early November. According to analytics of Sumitomo Corporation Global Research Co., price is rising since Iranian shipments are falling faster than was expected. Production in Saudi Arabia and Russia will support prices between $70 and $80 per barrel.

Brent futures with November delivery are traded for $77,40 per barrel. WTI with October delivery costs $69,90 per barrel. Shanghai futures are traded for 519,7 yuan per barrel today.