Brent climbed throughout six consecutive days today attaining its maximum since November, 2014 of above $75 per barrel, propelled by the view that supply is going to dwindle with demand coming to its peak.
Brent futures jumped to $75.27 for a barrel today, the level unseen since November 27, 2014. Brent kept at $75.07 per barrel, growing 36 cents compared to the last settlement.
This latest upswing of Brent during six-day period is the most enduring chain of hikes since December, as prices added over 20% from the minimums of February this year.
U.S. WTI futures went up to $69.17 per barrel, 53 cents higher. Last Thursday’s rise of WTI brought it to the highest reading of $69.56 since November 28, 2014. U.S. sanctions that could be reinstated against Iran are another factor driving up prices.
Stephen Innes of OANDA said that if sanctions on Iran are reintroduced oil prices could spike by up to $5 for a barrel. The decision on the Iran nuclear deal must come from the U.S. until May 12 saying whether it will abandon the agreement and renew sanctions against one of the biggest oil producer, which would likely diminish global supplies even more.