Oil could hit $100 a barrel in 2019: Bank of America

US oil rises above $70 for first time since November 2014 on Venezuela Iran worries

US oil rises above $70 for first time since November 2014 on Venezuela Iran worries

"These missiles are Iranian manufactured and delivered to the Huthis".

Oil prices have risen after President Trump pulled the USA out of the global nuclear deal with Iran and reignited tensions in the Middle East. Brent crude rose to $77.56 a barrel last night, its highest level since November 2014, on expectations of disruption to oil supplies from Iran, before easing back as investors booked profits.

The People's Republic stands to benefit if it can use its leverage as the world's largest importer of crude by insisting that its oil purchases from Iran be priced in yuan.

A number of countries have already cut reliance on Iranian oil, as well as other "traditional" sources of supply, due to a surge in cheaper USA crude exports.

Saudi Arabia said it would work with other producers to lessen the impact of any shortage in oil supplies.

Benchmark Brent crude oil was unchanged at $77.47 a barrel by 0830 GMT.

"Oil's always prone to rise on geopolitical tensions and the ongoing conflict between Iran and Israel is not something that can be resolved in the short-term", Will Yun, a commodities analyst at Hyundai Futures Corp., said by phone in Seoul.

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President Donald Trump is preparing to impose new sanctions on Iran, the White House said on Wednesday, following the US withdrawal from the multinational 2015 agreement that stalled Iran's nuclear programme.

At the same time, the analysts said the global economy is growing at a healthy pace and supporting higher demand for oil. Total volume traded was about 9 percent above the 100-day average.

"We believe the previous 1 million bpd limit for exports (imposed during previous sanctions) will be reimposed". USA heating oil futures surged to $2.2258 a gallon, the highest since February 2015. That's the longest rising streak in a month.

The language of the sanctions legislation outlines a 180-day window, meaning it's too soon for Iranian oil flows to be limited in real terms.

Volumes jumped for all key crude oil futures contracts as investors took new positions and refiners hedged to protect themselves from higher feedstock prices.

Sputnik: And how would the market react to Iran's decision to export oil? Domestic gasoline and distillate stockpiles also shrunk.

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