When the US withdrew from the Iran nuclear deal, the sanctions regarded crude oil exports, as well. These sanctions will become effective on November 4.

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Oil prices could increase from November, as JPMorgan expects the price of a barrel of oil to rise from $60 to $85 a barrel in the next six months. A 'spike' to $90 is also likely.

During 2008, the price of a barrel of oil peaked, hitting a record level of $143. After that the closest it came was in 2012, when Iran threatened to close the Strait of Hormuz, with oil prices reaching $120.

Since then, they have been steadily declining, dropping as low as $27 in 2016. However, since Donald Trump became President, oil prices have risen, hitting $78 in September.