Oil hits $75 for first time

LONDON: Brent North Sea crude hit a near six-month high above $75 per barrel on Thursday on supply concerns that have been worsened by the US tightening the screw on sanctions-hit Iran. Stock markets meanwhile mostly dropped, with traders across Europe digesting mixed company earnings updates and news of the collapse of two mega-mergers in the supermarket and banking industries. “Brent crude oil has rallied above $75 a barrel for the first time this year on the back of tighter sanctions on Iran, while gains in West Texas Intermediate (WTI) have been curtailed by a surge in US supply,” noted Dean Popplewell, markets analyst at Oanda trading group. Brent for delivery in June jumped to $75.60 per barrel, the highest level since the end of October. WTI reached $66.28 per barrel, heading towards a six-month peak. The US removal this week of waivers that allowed countries to buy from sanctions-hit Iran is expected to hit oil supplies. — AFP