(MENAFN) On Friday, oil prices stood near three and a half-year high, hitting USD77.47 a barrel as the prospect of new United States sanctions on Iran tightened the outlook for Middle East
supply at a time when global crude production is only just keeping pace with rising demand.
While Benchmark Brent crude was unchanged at USD77.47 a barrel after hitting USD78 on Thursday, its highest since November 2014, US light crude was up at USD71.56, having touched a three and a half year high of USD71.89 on Thursday.
Many analysts expect oil prices to rise as Iran's exports fall.
The United States plans to reinforce sanctions against Iran, which pumps about four per cent of the world's oil, after abandoning a deal reached in late 2015 that limited Tehran's nuclear ambitions in exchange for the removal of US and European sanctions.
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