TEHRAN- Iran’s light crude oil price jumped $3.02 in the week ended on May 11 to cross $73 per barrel, its highest since November 2014.

The Iranian light crude price settled at $73.79 per barrel in the mentioned week, Shana reported on Saturday.

The country’s light oil price was reported $66.38 on average since the beginning of 2018 until May 11.

Iran’s heavy crude oil also experienced a $3.02 rise in the said week to settle at $71.55 per barrel.

During the said week, Organization of Petroleum Exporting Countries (OPEC)’s basket price stood at $73.48 per barrel with $2.74 increase compared to the preceding week.

Oil prices rose to late 2014 highs in the mentioned week, buoyed as U.S. crude inventories declined and as expectations rose that Saudi Arabia would keep withholding supply to prop up the market.

As Reuters reports indicate, oil prices rose several dollars on the barrel in recent weeks on fears that the U.S. withdraw from the Iran nuclear agreement will bring more volatility to the oil-producing region.

EF/MA