Oil prices hit highest in years

Oil prices clocked up more multi-year highs on Thursday as traders adjusted to the prospects of renewed US sanctions against major crude exporter Iran amid an already tightening market. Brent crude futures, the international benchmark for oil prices, hit their strongest since November 2014 at $77.76 per barrel on Thursday. The Oman oil price
(July delivery) too rose by 74 cents to reach $74.71 at the Dubai Mercantile Exchange. US West Texas Intermediate crude futures also marked a November-2014 high, at $71.75, up over half a dollar.