Oil futures extended a recent uptrend on Tuesday that has lifted benchmark prices for the global crude to four-year highs and put U.S. crude on track for its longest streak of gains since late July, supported by expectations of tighter international supplies.
Global benchmark November Brent rose 98 cents, or 1.2%, to $82.18 a barrel on the ICE Futures Europe exchange, a day after marking the highest settlement since Nov. 12, 2014, according to Dow Jones Market Data.
November West Texas crude added 46 cents, or 0.6%, to $72.54 a barrel on the New York Mercantile Exchange, following the highest settlement for a front-month contract since July 10 on Monday. A close in positive territory will mark the third consecutive rise for U.S. benchmark oil, which is enough to match the longest such streak since the period ended July 26.
Oil prices have been mostly rallying, boosted in part by President Donald Trump’s decision to pull out of a 2015 Iran nuclear accord and renew sanctions on the country, which are aimed at sharply curtailing the major producer’s exports.