US crude rises 1.4% to 3.5-year high on Venezuela and Iran supply concerns

Crude prices strengthened on Monday, reversing course as geopolitical tensions continued to support the market and a trade war between the U.S. and China was declared “on hold.”

Geopolitical concerns that U.S. sanctions on Iran could curb the country’s crude exports have led crude prices to trade higher in recent weeks, and the market is now weighing the possibility of additional sanctions on Venezuela following the country’s presidential election.

Brent crude futures were up 57 cents at $79.08 a barrel by 2:26 p.m. U.S. West Texas Intermediate crude futures were up 87 cents, or 1.2 percent, at $72.15.

The strength came as U.S. Secretary of State Mike Pompeo’s remarks on Iran strategy showed that the United State was after regime change in the Islamic Republic, a senior Iranian official told Reuters on Monday
more at: https://www.cnbc.com/2018/05/20/oil-after-recent-highs-in-crude-prices-china-us-trade-in-focus.html