Oil Falls From Highs On The Heel Of Iran Sanctions – 10 May, 2018

The price of oil fell from a multi year high as announcements that the U.S. planned to re-introduce sanctions against the country that produces 4 percent of global oil supplies, Iran. Brent crude futures is down 19 cents or 0.2 percent to $77.329 per barrel the day after hitting a high from November 2014 of $78 per barrel. West Texas Intermediate crude futures fell 11 cents to $71.25 after hitting a November 2014 high of $71.89 per barrel last week. Analysts expect prices to rise in the $80 to $100 range by the end of the year when Iran’s exports start to shrink.