Oil prices rose about 2 percent on Friday with US crude hitting its highest in more than three years as global supplies remained tight and the market awaited news from Washington on possible new US sanctions against Iran.
The May 12 deadline for announcements on potential new U.S. sanctions on Iran bolstered the market, said Bob Yawger, director at Mizuho.
“You have the May 12 Iran and Trump headlines that support the market,” he said.
US light crude was $1.33 higher at $69.77 per barrel by 1:12 p.m. EDT (1712 GMT), after touching a session high of $69.97, its highest since November 2014. It was on track to gain just over 1.5 percent on the week.
Brent crude oil was up $1.23 at $74.85 a barrel. The global benchmark was set to end the week up 0.4 percent.
Investors are concerned that sanctions against Iran could cut oil supplies.
Iran’s foreign minister said on Thursday that US demands to change its 2015 nuclear agreement with world powers were unacceptable as a deadline set by President Donald Trump for Europeans to “fix” the deal loomed. Read More