Oil hit a 2019 high above $69 a barrel on Tuesday on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut, raising expectations that prices could surpass $70 soon.
The United States is considering more sanctions against Iran, whose oil exports have been halved by existing measures, an official said. A key crude terminal in Venezuela, also under US sanctions, has halted operations again.
Brent crude touched $69.50, the highest since mid-November, before edging down 10 cents on the day at $68.91 by 1320 GMT. US crude was up 30 cents at $61.89, having risen above $62 for the first time since early November.
