Brent crude oil prices rise above $75 per barrel
Brent crude oil prices have risen above $75 (£53.75) a barrel, their highest level in over two years.
Crude oil prices climbed as high as $75.20 a barrel, the highest since November 27, 2014. This follows a six-day rallying streak, with prices up more than 20 per cent since their drop in February.
The good news for crude pushed stocks higher as well, with BP and Shell shares climbing 1.8 per cent and 1 per cent higher respectively.
Michael Hewson, chief market analyst at CMC Markets UK said: “The rise in Brent crude prices through $75 a barrel along with a positive broker note on BP from Goldman has seen the oil and gas sector continue to lead the recent gains.
“According to the note BP is on the cusp of delivering one of the strongest pipelines of new oil and gas projects this year. with the share price back near its highest levels this year a lot of this good news may already be priced in, however if oil prices do head back towards $80 a barrel as seems probable then we could see further gains in the coming weeks.”
Although there have been no major oil-related headlines since news of the US-led bombing of Syria, the surge in prices appears to be supported by potential US sanctions against Iran.
Oil prices have been lifted by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) which were introduced in 2017 to support market growth.