Sputnik - Uncertainty in the oil market arising from US sanctions against Iran adds $5-$7 to price of barrel of oil, Russian Energy Minister Alexander Novak told Sputnik on Wednesday.




On May 8, US President Donald Trump announced Washington's withdrawal from�the Iran nuclear deal and re-imposition of�the previously lifted sanctions against�Iran, including secondary sanctions that target countries doing business with�Iran, in�two phases. The first round�of sanctions was reinstated in�August while the next will take effect on�November 5.
"A few dollars are already priced in�by market participants as�risks� I estimate it at $5-$7," Novak said on�the sidelines of�the Russian Energy Week (REW).


He explained that it was not only the "Trump factor," but�also the statements of�consumers�� whether or not they will not import oil from�Iran.

Oil prices stability is more important for�Russia than�a certain level of�oil prices, Novak noted.
"Today, Russian President Vladimir Putin said that the price of $65-$75 suits Russia well. We consider it important for�the price to�be stable, so that the volatility is not as�high as�in 2014-2015 or today, when the price may rise, and then will collapse, if suddenly there is oversupply in�the market. Therefore, let it be better less volatile and more stable," Novak said, answering what price level would be comfortable for�Russia.


London-traded Brent crude futures for�December hit a four-year high at $85.94 per barrel earlier in�the day.

The Russian Energy Week forum started earlier in�the day in�Moscow and will continue through�Saturday. Rossiya Segodnya International Information Agency is the official media partner of�the event.