BP’s chief executive told media that oil prices could face “extreme volatility” when US sanctions against Iran come into force next month.
Benchmark Brent crude was down 40 cents a barrel at $84.60 a barrel today.
Talking to CNBC, Bob Dudley said: “I think it’s going to be 45 days of extreme volatility, it could spike up, it could also go the other way.”
Bob’s comments come at a time when concerns over global crude supply are keeping the oil market on edge. Nations are also keeping an eye on November 4 when US sanctions on Iran’s oil industry come into force.
The International Monetary Fund has also cut its global economic growth forecasts for 2018 and 2019 on Tuesday, raising concerns that demand for oil may also slump.