Brent oil price jumps to $86

The international oil benchmark, Brent crude, rose above $86 per barrel yesterday evening, as traders considered reported declines in Iranian exports due to pending U.S. sanctions.

The upturn in oil prices follows US Secretary Mike Pompeo’s announcement that the US was terminating the 1955 Treaty of Amity, its economic agreement with Iran.

Brent hit a new four-year high at $86.74 per barrel, fuelled by concerns about a shortfall in global supply as US sanctions whittle away at Iranian crude exports. It stood at $86.48 as of 7:40pm Nigerian time.

U.S. West Texas Intermediate (WTI) crude futures rose by 1.54% $76.38 a barrel.