“We are in an environment where Opec producers and Russia have reduced their supplies and stocks have seen drawdowns. At the same time, geopolitical issues are a concern,” said Olivier Jakob, at consultancy Petromatrix. He noted the potential reimposition of sanctions on Iran by the US that have until now been waived.

Link to the article: https://www.ft.com/content/0ac6ecac-f606-11e7-8715-e94187b3017e