Oil price is rising on Monday after new production in the US stagnated, and the market is expecting US sanctions against Iran, Reuters reports.

WTI oil futures are traded for $68,19 per barrel today, which is 0,65% higher than last closing price. Brent futures also rose by 0,65% to $77,33 per barrel.

US energy companies reduced number of oil rigs by two last week bringing the total amount to 860.

Outside the US, oil prices are growing ahead of US sanctions against Iranian export that will come into effect in November. India, Japan and South Korea are already cutting Iranian imports, energy consulting company FGE informs.

Current situation puts pressure on other countries that have to make decision on restricting oil import from Iran or resist to the world largest economy. Besides, major producers are under pressure as well, as they have to increase production soon to substitute for Iranian volumes and prevent sharp price hikes.

The key question is still in perspectives of demand growth amid US-China trade tensions and general weakening of emerging markets.