On Thursday, brent crude oil, global oil benchmark, surged past $75 per barrel in price for the first time in 2019 owing to tightening sanctions on Iran. Brent crude futures spiked to $75.01 per barrel on Thursday and were recorded at $74.90 per barrel, with gains of 0.4% or 33 cents in comparison to their previous close.
U.S. West Texas Intermediate (WTI) crude futures were recorded at $65.94 per barrel, up 5 cent against their previous close.
Nonetheless, increase in US prices remained capped due to an increase in US supply.
Further, traders said brent received support today after oil exports from Russia through a pipeline ceased due to quality issues to nations including Poland and Germany.
Also, this week the US administration said, it will not renew waivers for Iranian oil import and demanded countries to end their supplies from Iran from May or confront punitive action.