Planned Iran sanctions, tight supply send oil to new multi-year high | Reuters:
"Oil prices hit a 3-1/2-year high on Tuesday, supported by tight supply and planned U.S. sanctions against Iran that are likely to restrict crude oil exports from one of the biggest producers in the Middle East.
Benchmark Brent crude oil LCOc1 reached $78.60 a barrel, up 37 cents and its highest since November 2014. By 0800 GMT, Brent was up 20 cents at $78.43.
U.S. light crude was 5 cents higher at $71.01 a barrel, also not far off its highest since November 2014."
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