Benchmark Brent crude oil price jumps over $75-barrel hurdle to hit highest level since Nov 2014

The benchmark Brent crude oil price jumped over the $75-barrel price hurdle yesterday – the highest since Nov 2014 – amid market fears over possible new US trade sanctions against Iran.

Such a move by the USA against  the third-biggest oil producer in the Saudi-dominated OPEC cartel would be expected to further tighten global supplies.

Brent crude jumped for the sixth consecutive day, trading as high as $75.27 before falling back slightly.

Oil prices have been rising since OPEC and non-member Russia, decided to cut production last year. They have since agreed to extend those cuts until the end of 2018.

US President Donald Trump warned Iran not to follow through with threats to re-start its nuclear program, as he and French President Emmanuel Macron struggled to find common ground on saving the 2015 Iran nuclear deal.

Brent crude oil price at highest level since Nov 2014 on 24 Apr 2018: Source; Bloomberg
Brent crude oil price at highest level since Nov 2014 on 24 Apr 2018: Source; Bloomberg

Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA, said new sanctions against Tehran “could push oil prices up as much as $5 per barrel.”

Meanwhile, the UK Oil and Gas trade association has boosted its board with the appointment of three new North Sea operators as directors. They are:

  • David Clark, executive vice-president, Aker Solutions
  • Kenny Dey, managing director, Archer UK, and
  • Nick Terrell, managing director Azinor Catalyst.

25 Apr 2018

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