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The barrel of Brent surpassed 75 dollars for the first time in almost six months on Thursday, boosted by the tightening of US sanctions on Iran.
The barrel of Brent North Sea for delivery in June was worth 75.23 dollars in London, up 66 cents from Wednesday’s closing, fifteen minutes after peaking at 75.42 dollars.
In New York, a barrel of light sweet crude/West Texas Intermediate (WTI) for the same maturity earned 20 cents to 66.09 dollars, a few minutes after reaching 66.16 dollars, a high also for almost six months.
Prices jumped on Monday after the United States announced the cancellation of US exemptions that allowed some countries to import Iranian crude despite Washington sanctions.
Saudi Arabia, the world’s largest exporter, has already pledged to increase its extractions to make up for Iran’s barrels, even though Energy Minister Khaled Al-Faleh said on Wednesday that the increase would not be made “immediately”, according to a statement.
Thursday, the rise in WTI was less marked as the US Energy Information Agency reported Wednesday crude stocks larger than expected in the United States.
This has increased by 5.5 million barrels during the week ended April 19th. Any increase in US crude oil reserves is generally interpreted as a sign of lower demand in the world’s largest economy.