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Oil holds near multi-year highs on Iran supply concerns

Reuters  |  NEW YORK 

By Jessica Resnick-AultNEW YORK (Reuters) - Global benchmark Brent crude stabilized near 3-1/2-year highs on Friday as the prospect of new U.S. sanctions on Iran tightened the outlook for Middle East supply at a time when global crude production is only just keeping pace with rising demand.U.S. crude slipped slightly as domestic production continues to surge. The United States plans to reintroduce sanctions against Iran, which pumps about 4 percent of the world's oil, after abandoning a deal reached in late 2015 that limited Tehran's nuclear ambitions in exchange for the removal of U.S. and ...

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First Published: Fri, May 11 2018. 23:28 IST
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