Global+oil+prices+rise
Wednesday, 25 April 2018 - 9:21
Global oil prices rise
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Oil prices have hit $ 75, the highest level in nearly three and a half years, as fears mounted over the prospect of new US sanctions on Iran.
 
Brent crude jumped for the sixth day, trading as high as $ 75.47 before later falling back under the $ 75 mark.
 
The US will decide by 12 May whether to abandon a nuclear deal with Iran and re-impose sanctions.
 
Such a move on the third-biggest oil producer in the Opec cartel threatens to further tighten global supplies.
 
Oil prices have been rising since the 14 nations in Opec, as well as other producers including Russia, decided to restrict output last year.
 
In November they agreed to extend those cuts until the end of 2018.
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