Brent hits 4-year high as U.S. sanctions on Iran tighten supply | Reuters

Brent hits 4-year high as U.S. sanctions on Iran tighten supply | Reuters:

Oil prices rose more than 1 percent on Friday, with Brent climbing to a four-year high, as U.S. sanctions on Tehran squeezed Iranian crude exports, tightening supply even as other key exporters increased production.

Brent crude LCOc1 futures rose $1 to settle at $82.72 a barrel. The session high of $82.87 was the contract’s highest since Nov. 10, 2014. In the third quarter, Brent has gained about 4 percent.

U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $1.13 to settle at $73.25 a barrel. The session high of $73.73 was the highest since July 11. The contract is up about 5 percent this month but down around 1 percent for the quarter.