Oil prices rose to its highest level since July on concern over sanctions
BAGHDAD, Oil prices rose to their highest level in more than a month, extending their gains supported by growing evidence of delays in the supply of crude from Iran and Venezuela, and after a fall in US stocks.
Global Brent crude was up 63 cents to $ 77.77 a barrel, while US crude futures closed up 74 cents at $ 70.25 a barrel, after hitting a session high of $ 70.50.
Brent has jumped nearly 10 per cent over the past two weeks, supported by broad expectations that the global oil market could see supply shortfalls in the next few months as Iranian exports fall under pressure from US sanctions.
Crude exports from volatile OPEC member Venezuela have also fallen sharply to about 1 million bpd.
Official data on Wednesday showed a larger-than-expected fall in US crude inventories, boosting the market's upward trend.
Source: National Iraqi News Agency