Brent crude oil on Thursday rose above $75 per barrel for the first time in 2019 in the wake of tightening sanctions on Iran, while gains in U.S. prices were crimped by a surge in U.S. supply.
Brent crude futures rose to a 2019 high of $75.01 per barrel on Thursday and were at $74.90 per barrel at 0705 GMT, up 33 cents, or 0.4 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $65.94 per barrel, up 5 cents from their previous settlement.
Traders said Brent was receiving support on Thursday from a halt of Russian oil exports to Poland and Germany via a pipeline due to quality concerns.
The United States this week said it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington.
"Following the U.S. decision to toughen its sanctions on Iran ... we have revised up our end-year forecast for Brent crude from $50 to $60 per barrel," analysts at Capital Economics said in a note.
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