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Oil hits multi-year high on tight supply, Iran sanctions

Reuters  |  LONDON 

By Christopher JohnsonLONDON (Reuters) - Oil prices hit a 3-1/2-year high on Tuesday, supported by tight supply and planned U.S. sanctions against Iran that are likely to restrict crude oil exports from one of the biggest producers in the Middle East.Brent crude oil reached an intraday peak of $79.47 a barrel, up $1.24 and its highest since November 2014, before easing to $78.28, up 5 cents, by 1345 GMT.U.S. light crude was 15 cents lower at $70.81 a barrel, also not far off its highest since November 2014.World oil prices have surged by more than 70 percent over the last year as demand has ...

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First Published: Tue, May 15 2018. 19:25 IST