Oil prices were near 5-month highs on Tuesday as markets continued to tighten amid OPEC-led supply cuts, US sanctions against Iran and Venezuela, and escalating violence in Libya.
International benchmark Brent futures hit their strongest level since last November at $71.34 per barrel, before easing to $70.99 per barrel by 0700 GMT.
US West Texas Intermediate (WTI) crude oil futures also hit a November 2018 high, at $64.77 per barrel, before easing to $64.42 per barrel.
Oil markets have tightened this year as the US imposed sanctions on oil exporters Iran and Venezuela, while the producer club of the Organisation of the Petroleum Exporting Countries (OPEC) has been withholding supply to prop up prices.
