Oil hits four-year peak after OPEC+ shows no sign of turning on the taps | Reuters

Oil hits four-year peak after OPEC+ shows no sign of turning on the taps | Reuters:

Crude oil prices shot to a four-year high on Tuesday, catapulted by imminent U.S. sanctions on Iranian crude exports and the apparent reluctance of OPEC and Russia to raise output to offset the potential hit to global supply.

Brent crude futures LCOc1 were up 61 cents at $81.81 a barrel by 1121 GMT, having touched a session peak of $82.20, the highest price since November 2014.

The oil price is on course for its fifth consecutive quarterly increase, the longest stretch of gains since early 2007, when a six-quarter run led to a record high of $147.50 a barrel.