Oil prices have hit the highest level since November, the Reuters news agency reveals on Tuesday. Brent's barrel price was worth $ 74.67 this morning. The highest value had been recorded in November 2018, $ 74.70 per barrel.
US West Texas Intermediate crude futures marked their highest since October 2018, at $ 66.14 per barrel, up 59 cents from the previous price.
On Monday, the United States demanded that Iranian oil buyers stop buying by May 1 or face new sanctions, ending six months of repeals that allowed Iran's eight largest buyers, mostly in Asia, to continue importing limited volumes.
Prior to last year's re-imposition of sanctions, Iran was the fourth largest producer in the Organization of Petroleum Exporting Countries (OPEC) at around three million barrels a day, but April exports fell to less than one million industry.
US President Donald Trump is confident that Saudi Arabia and the United Arab Emirates will live up to their promises to make up the difference in the oil markets, a White House official told reporters.
Saudi Arabia is the world's largest oil exporter and leader of OPEC, which has led the global supply cuts since the beginning of the year, in order to sustain oil prices. Barclays Bank issued a statement that the US ruling has caught many market entities by surprise and that "will lead to a significant tightening of the oil markets."
The move to increase pressure on Iran comes amid other sanctions imposed by Washington on Venezuela's oil exports.