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Oil prices lowest since 2003 as Iran set to raise exports

Oil prices dropped below $28 a barrel on Monday - hitting the lowest price since 2003.

Brent Crude oil has hit lowest price since 2003 Credit: ITV News

Iran is now able to export more oil following the lifting of sanctions against the country over the weekend, which could add to the oversupply which is hitting prices.

Barclays analysts said "Iranian exports come at a very bad time". Prices have been pulled down by over 75% since mid-2014 and by over 25% since the start of 2016.

The price of Brent crude oil fell to $27.67 a barrel earlier today.

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  1. Joel Hills

Caution urged over Gatwick airport oil discovery

The discovery of oil reserves discovered in the Gatwick airport area has been hailed as 'significant' but analysts have been more cautious.

While the chairman of UK Oil & Gas Investments claimed there were 158 million barrels a square mile over a possible 1,100 square miles others questioned the figures.

ITV News business editor Joel Hills reports.

Oil reserves 'significant' once they become 'commercial'

The extent of the oil reserves discovered near Gatwick Airport have been called into question by a specialist in petroleum science.

Professor Alastair Fraser of Imperial College London told ITV News he thought the number of barrels that UK Oil & Gas Investments said lay in the Weald Basin was "probably a little bit exaggerated on the high side".

He added that the reserves would only become "significant" once the oil could be brought to the surface and at "flow rates that are commercial".

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