Iran's oil output slipped in September, with supplies falling to their lowest levels in more than two decades, the International Energy Agency reported.
Industry sources have claimed this decline may get worse, as shipping issues hinder purchases by Asian buyers.
Production in the Middle Eastern country has plunged on account of the impact of US and European sanctions imposed on the nation due to its controversial nuclear development programme.
Iran claims its work is purely to enhance its nuclear power programme, but some members of the global community believe the initiative is in fact centred on building weapons.
These fears were enhanced when the country denied international authorities access to its nuclear development operations.
At 16:45 BST today (October 12th), Brent Crude Oil Futures were down 1.2 per cent to a value of $114.32 per barrel on the ICE Futures Europe index, while West Texas Intermediate Crude Oil Futures on the ICE Futures US index fell 0.8 per cent to $91.69 per barrel.
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