Global oil prices reached to their highest level since late 2014 on Tuesday, driven by expectations about the resumption of United States sanctions on Iran and OPEC countries continue to cut supplies amid strong demand.
Brent crude jumped $ 75.20 in early trade on Tuesday, a level not seen since November 27, 2014. Brent hit $ 75 at 0311 GMT, up 29 cents, or 0.4 percent, from its last close.
This is the sixth consecutive session of Brent, the longest rally since a series of gains in December, making it more than 20 percent above its lowest level in 2018, in February. US WTI crude futures were $ 68.98 a barrel, up 34 cents, or 0.5 percent from the last settlement.
Markets have been boosted by a cut in production by the Organization of Petroleum Exporting Countries (OPEC) since 2017 to support the market, as well as the possible resumption of US sanctions on Tehran.
The cut-off agreement applies until the end of 2018. The agreement is due to be discussed at the OPEC meeting in Vienna next June.