Oil hits two-year high as doubts gather over Iran’s market return

Brent futures hit their highest in two years while West Texas Intermediate rose to a level unseen in almost three years.

Oil prices kept climbing on Wednesday on signs of strong fuel demand in some economies, while the possibility of Iranian oil returning to global markets was cast in doubt after the United States secretary of state said sanctions against Tehran were not likely to be lifted. Global benchmark Brent crude futures were up 44 cents, or 0.6 percent, at $72.66 a barrel at 13:38 GMT, having earlier hit  $72.83, the highest since May 2019. United States benchmark West Texas Intermediate (WTI) crude futures were 30 cents higher, or 0.4 percent, at $70.35 a barrel. Earlier, they touched $70.62, the highest since October 2018.