Oil prices rose today as traders anticipated a tighter market due to US sanctions against Iran's crude exports, which are set to start next month. 

International benchmark Brent crude oil futures were at $84.98 per barrel in early trade, up 40 cents, or 0.5%from their last close. 

US West Texas Intermediate (WTI) crude futures were up 47 cents, or 0.6 percent, at $74.80 a barrel. 

The gains helped claw back some of the losses from the previous session due to rising US inventories and after Saudi Arabia and Russia said they would raise output to at least partly make up for expected disruptions from Iran. 

US sanctions will start targeting Iran's crude exports from November 4, and Washington is putting pressure on governments and companies globally to fall in line. 

An expectation of tighter markets is fuelling bullish financial oil market sentiment. 

Financial traders have accumulated bullish long positions betting on a further rise in prices amounting to almost 1.2 billion barrels of oil.