Crude oil prices soared Tuesday, hitting their highest levels in more than two years, as prospects dimmed of additional supply from Iran hitting the market in the near future. By 9:05 AM ET (1305 GMT), U.S. crude was up 1.2% at $71.76 a barrel, its highest since September 2018, while Brent was up 1% at $73.60, its highest since October 2018. U.S. Gasoline RBOB Futures were up 0.8% at $2.1885 a gallon.
Oil prices were on track to mark a third week of gains on speculation of runaway summer demand for fuels, although some investors were keeping a wary eye on gasoline consumption, which hasn’t performed to expectations since the start of the peak U.S. driving season. West Texas Intermediate crude, the benchmark for U.S. oil, was up 85 cents, or 1.2%, at $71.14 per barrel by 2:00 PM ET (18:00 GMT). Brent crude, which acts as the global benchmark for oil, was up 39 cents, or 0.5%, to $72.91.
Crude oil prices edged higher Friday, climbing to fresh multi-year highs boosted by renewed confidence in surging oil demand in the second half of the year. Earlier Friday, the International Energy Agency stated, in its monthly report, that the world will need a lot more oil from the group of top producers, known as OPEC+, as global demand is on track to return to pre-pandemic levels at the end of next year. "OPEC+ needs to open the taps to keep the world oil markets adequately supplied," the Paris-based energy watchdog said, adding "in 2022 there is scope for the 24-member OPEC+ group, led by Saudi Arabia and Russia, to ramp up crude supply by 1.4 million barrels per day (bpd) above its July 2021-March 2022 target."