Brent hits new four-year high on Iran supply worries

Brent crude rose nearly 2 percent after hitting a four-year high on Wednesday as the market focused on upcoming U.S. sanctions on Iran while shrugging off the year’s largest weekly build in U.S. crude stockpiles and reports of higher Saudi Arabian and Russian production. Brent crude LCOc1 rose $1.49, or 1.8 percent, to settle at $86.29 a barrel, after hitting $86.74, its highest since Oct. 30, 2014. U.S. crude CLc1 settled $1.18, or 1.6 percent, higher at $76.41 a barrel, after touching a session high of $76.90. Both benchmarks dipped briefly after the U.S. government released inventory figures, then resumed their climb. The Organization of the Petroleum Exporting Countries and its allies have been limiting supply since 2017 to get rid of a glut. They partially relaxed the cut in June, under pressure from U.S. President Donald Trump to cool prices. Read More :