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

Updated : April 25, 2019 04:14 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.
US West Texas Intermediate (WTI) crude futures were at $65.94 per barrel, up 5 cents from their previous settlement.
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.
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