TEHRAN- Iran’s light crude oil price rose 43 cents in the week ended on May 25, to continue its upward trend for third consecutive weeks.

The Iranian light crude price settled at $77.03 per barrel in the mentioned week, Shana reported on Saturday.

The country’s light oil price was reported $67.41 on average since the beginning of 2018 until May 25.

Iran’s heavy crude oil also experienced an 83-cent rise in the said week to reach $74.41 per barrel.

During the said week, Organization of Petroleum Exporting Countries (OPEC)’s basket price stood at $76.41 per barrel with 65 cents increase compared to the preceding week.

Oil prices got close to $80 per barrel in May, a level it has not seen since November 2014, on strong demand, ongoing supply cuts led by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran.

EF/MG