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Planned Iran sanctions, tight supply send oil to new multi-year high

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.Benchmark Brent crude oil reached $78.60 a barrel, up 37 cents and its highest since November 2014. By 0800 GMT, Brent was up 20 cents at $78.43.U.S. light crude was 5 cents higher at $71.01 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 risen ...

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First Published: Tue, May 15 2018. 14:02 IST
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