(MENAFN- Khaleej Times) Oil rose above $68 a barrel to its highest since May 2015 on Thursday after unrest in Iran raised concerns about supply risks, with support also coming from Opec-led output cuts and demand-boosting cold weather in the United States.
Six days of anti-government protests in Iran have added a geopolitical risk premium to oil prices, though its production and exports have not been affected.
Brent crude, the international benchmark, was down 11 cents at $67.73 a barrel by 1455 GMT but traded as high as $68.27 earlier in the session. US crude rose 4 cents to $61.67 and also touched its highest since May 2015.
"There is enough support for prices with the cold in the US and the geopolitical factor," said Petromatrix oil analyst Olivier Jakob.
Apart from the spike in May 2015, oil is trading at its highest since December 2014 - the month after a decision by Opec to stop cutting output to support prices.
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