Oil prices climbed on Thursday, with US crude hitting a three-and-a-half year high, bolstered by supply concerns due to US sanctions that could cause a large drop in crude exports from Iran.
West Texas Intermediate (WTI) crude futures rose 69 cents, nearly 1 per cent, to settle at $73.45 a barrel. It reached $74.
03 earlier in the session, the highest since Nov. 26, 2014.
Brent crude futures rose 23 cents to settle at $77.85 a barrel.
The United States this week demanded countries halt imports of Iranian oil from November, a.....