US oil peaks 3½ years for fears over Iran sanctions

US oil peaks 3½ years for fears over Iran sanctions

NEW YORK (Reuters) - Oil prices advanced on Thursday, with US crude prices hitting a three-and-a-half-year high amid fears over the ...

NEW YORK (Reuters) - Oil prices advanced on Thursday, with US barrel prices peaking at three-and-a-half years amid fears over supply over US sanctions that could lead to a barrage. big drop in exports from Iran.US crude futures (WTI) was up $ 0.69, almost 1 percent, to $ 73.45 a barrel.During the session, the commodity hit $ 74.03, the highest since November 26, 2014.Brent crude closed higher at $ 0.23 at $ 77.85 a barrel.The US demanded this week that allies stop importing Iranian oil from November, a tough stance the Trump administration hopes will cut Tehran's funding.On Thursday, officials said they would work with countries on a case-by-case basis.China, Iran's largest oil importer, has not committed to the US position."The sanctions are trying to isolate Iran a little more, and that could potentially cut more oil from the global arena as a whole," said Mark Watkins, a regional investment strategist at US Bank Wealth Management."If you take Iranian oil of...


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