Brent crude oil prices hit a fresh four-year high on Tuesday amid looming U.S. sanctions against Iran and an apparent reluctance by OPEC and Russia to raise output to offset the expected to hit to supply.
Brent crude futures rose to $81.69 a barrel shortly after 0600 GMT, a level not seen since November 2014. They were still at $81.50 at 0655 GMT, up 30 cents, or 0.4 percent from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $72.28 a barrel, up 20 cents, or 0.3 percent from their last settlement.
The United States from Nov. 4 will target Iran's oil exports with sanctions, and Washington is putting pressure on governments and companies around the world to fall in line and cut purchases from Tehran.
Brent crude futures rose to $81.69 a barrel shortly after 0600 GMT, a level not seen since November 2014. They were still at $81.50 at 0655 GMT, up 30 cents, or 0.4 percent from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $72.28 a barrel, up 20 cents, or 0.3 percent from their last settlement.
The United States from Nov. 4 will target Iran's oil exports with sanctions, and Washington is putting pressure on governments and companies around the world to fall in line and cut purchases from Tehran.
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