Crude Price Dips From Recent Highs

Oil prices dipped on Friday, easing from multi-year highs in the previous session on hopes that alternative supplies could replace a looming drop in Iranian exports because of US sanctions. The United States plans to reintroduce sanctions against Iran, which produces around 4% of global oil supplies, after US abandoned an agreement reached in late 2015 that limited Tehran’s nuclear ambitions in exchange for removing US-Europe sanctions, CNBC reported. The sanctions come amid an oil market that has been tightening due to strong demand, especially in Asia, and as top exporter Saudi Arabia and No.1 producer Russia have led efforts since 2017 to withhold oil supplies to prop up prices.  Brent crude futures were at $77.23 per barrel, down 24 cents, or 0.3%, from their last close. Brent the previous day hit its highest since November 2014 at $78 a barrel.  US West Texas Intermediate crude futures were down 15 cents, or 0.2%, at $71.21 a barrel after hitting a November 2014 high of $71.89 per barrel on Thursday.