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Oil prices rose to multi-year highs on Thursday as traders weighed in the prospects of reimposed U.S. sanctions against the major crude exporter Iran amid an already tightening market.
Washington plans to impose new sanctions against Iran, which produces around 4 percent of global oil stockpiles, after withdrawing from an agreement reached in late 2015 which curbed Tehran's nuclear ambitions in exchange for easing U.S.-Europe sanctions.
Oil prices surged in response to the proclaimed measures.
The international benchmark for oil prices, Brent crude futures reached their highest since November 2014, trading above $77.80 per barrel. U.S. WTI crude futures also recorded a November-2014 high, reaching $71.75 per barrel at that time.
Meanwhile in China, Shanghai crude futures recorded their biggest intra-day rally since they were introduced to markets in March, climbing over 4 percent to a dollar-denominated record of around $73.40 per barrel.
Analysts had little hope that the opposition to America's announced measure would stop sanctions from pushing forward.
The threat of new sanctions came amid an oil market that has already been tightening due to solid demand. U.S. crude inventories declined by 2.2 million barrels in the week to May 4, to 433.76 million barrels, according to the EIA, marginally above the 420 million barrels five-year average level.
