10MAY2018 - NEWS - Oil prices rose sharply on Thursday as traders adjusted to the prospects of renewed U.S. sanctions against Iran

Oil prices rose sharply on Thursday as the traders adjusted to the prospects of renewed U.S. sanctions against major crude exporter Iran. Both US West Texas Intermediate (WTI) crude futures and Brent crude futures gained strongest levels since Nov 2014. The Brent crude futures were at $77.76 per barrel. The WTI crude futures were at 71.75 per barrel which is around 0.7 percent high than the previous settlement values.