16MAY2018 - NEWS - Oil prices hits 3.5 years peak levels on Tuesday

On Tuesday oil prices rose to hit the highest levels since last 3.5 years. The rise in the oil prices were supported by concerns U.S. sanctions on Iran are likely to restrict crude oil exports from one of the world’s biggest producers. Both U.S. West Texas Intermediate (WTI) crude and the Brent crude were up by around 34 cents and 19 cents respectively. West Texas Intermediate (WTI) crude and the Brent crude are the major classifications of the crude oil that serves as the benchmark for oil pricing worldwide.