Oil rises to the highest level in years
Oil prices rose to a one-year high Thursday as traders prepared for possible renewed US sanctions against Iran, one of the world's biggest exporters, as the supply-demand gap in the market is already narrow.
The United States plans to impose new sanctions on Iran, which produces about 4 percent of world oil supplies, after it pulled out of an agreement reached in late 2015.
Brent crude futures were the highest since November 2014 at $ 77.89 a barrel just before 0700 GMT on Thursday, up 0.9 percent from the previous settlement.
WTI crude futures were the highest since November 2014 at $ 71.84 a barrel, before falling to $ 71.78 a barrel. But this is still 0.9 percent higher than the previous settlement.