Oil hits multi-year high on tight supply, Iran sanctions

Oil prices hit a 3-1/2-year highon Tuesday, supported by tight supply and planned U.S. sanctionsagainst Iran that are likely to restrict crude oil exports fromone of the biggest producers in the Middle East.

Brent crude oil LCOc1 reached $79.22 a barrel, up 99 centsand its highest since November 2014. By 1100 GMT, Brent was up90 cents at $79.13. U.S. light crude was 60 cents higher at$71.56 a barrel, also close to its highest since November 2014.

World oil prices have surged by more than 70 percent overthe last year as demand has risen sharply but production hasbeen restricted by the Organization of the Petroleum ExportingCountries, led by Saudi Arabia, and other producers includingRussia…

 

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