Oil prices hit their highest level since 2014 on Thursday, moving above $74 a barrel and lifting energy companies to the top of global stock indices.
Production cuts by Opec and Russia over the past 16 months have helped crude prices rally, with the latest increase also tracking rising geopolitical risks to supplies, from Venezuela’s economic spiral to the risk of the US reimposing sanctions on Iran.
Brent crude touched its highest level since 2014 on Thursday, taking the international marker’s year-to-date gain to almost 8 per cent. At the time the production curbs were approved, Brent was trading around $55 a barrel.
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