Oil hits four-year peak ahead of sanctions on Iran

Oil hits four-year peak ahead of sanctions on Iran

U.S. oil prices hit their highest level since November 2014 and Brent crude was also near a four-year peak reached the previous day, with markets preparing for tighter supply once U.S. sanctions against Iran kick in next month.

U.S. West Texas Intermediate (WTI) crude futures marked $75.90 a barrel around 0630 GMT today, their strongest since November 2014. WTI has risen around 18% since mid-August.

International benchmark Brent crude oil futures were at $85.28 per barrel, up 30 cents (0.4%) from their last close. That was not far off the $85.45 peak reached in the previous session, the highest since November 2014.

Brent has risen by more than 20% from its most recent lows in August, Reuters reported.

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