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Brent oil hits $75 for first time in 2019 amid tighter Iran sanctions

Updated : April 25, 2019 02:57 PM IST

Brent crude futures rose to a 2019 high of $75.01 per barrel on Thursday and were at $74.90 per barrel at 0705 GMT, up 33 cents, or 0.4 percent, from their last close.
The United States this week said it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington.
On the supply side, US crude oil production has risen by more than 2 million barrels per day (bpd) since early 2018 to a record of 12.2 million bpd currently, making the United States the world's biggest oil producer ahead of Russia and Saudi Arabia.
Brent oil hits $75 for first time in 2019 amid tighter Iran sanctions

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