Oil prices rose on Thursday, supported by expectations of renewed U.S. sanctions on Iran, declining output in Venezuela and ongoing strong demand.
U.S. West Texas Intermediate (WTI) crude futures ended Thursday's session up 14 cents at $68.19 per barrel. Brent crude oil futures were last up 74 cents, or 1 percent, at $74.74 a barrel by 2:29 p.m. ET.
The oil price has risen by 15 percent in the last four weeks thanks to expectations that the United States will re-impose sanctions against Iran, a major oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC).
French President Emmanuel Macron said on Wednesday that he expected U.S. President Donald Trump to pull out of a deal with Iran reached in 2015, in which Iran suspended its nuclear program in return for Western powers lifting crippling sanctions.