Key crude oil prices rose by 1 percent to their highest levels since late-2014 on Monday, pushed up by a deepening economic crisis in Venezuela and a looming decision on whether the United States will re-impose sanctions against Iran.
Brent crude oil futures were at $75.57 per barrel at 0650 GMT, up 70 cents, or 0.9 percent, from their last close. Earlier in the session, they touched their highest since November 2014 at $75.89 a barrel.
U.S. West Texas Intermediate (WTI) crude futures rose 70 cents, or 1 percent, to $70.42 per barrel. Monday was the first time since November 2014 that WTI had climbed above $70 per barrel.
Meanwhile, China’s Shanghai crude oil futures, launched in March, broke their dollar-converted record-high of $71.32 per barrel by rising as far as $72.54 on Monday.
Open interest and traded volumes for Shanghai crude also hit a fresh record on Monday.