Brent oil is traded at level close to the highest in a week after Saudi Arabia sent a message indicating that the country does not mind price growth above $80 per barrel, Bloomberg reports.

Futures in London are stable today after they rose by 1,3% on Tuesday.

The largest oil exporter in the world assumes that it will be hard to avoid higher oil prices as US sanctions to Iran will limit market supply. Last few months prices hold below $80 per barrel due to concerns that trade war between the US and China will limit global demand.

Now investors are evaluating Saudi Arabia’s position in regards to market prices amid past promises of the exporter to raise output.

Brent with November delivery is traded for $79,01 per barrel. WTI oil price is $69,91.