Oil hits new highs over several years as market narrows on lost supply

The US government wants to prevent Tehran from exporting oil to cut a vital supply and hopes that other major oil producers of the Organization of the Petroleum Exporting Countries and Russia will compensate the deficit.

The market is already tight and many analysts and big investors think that the strict application of US sanctions against Iran will drive up prices

But the global oil market is already tense with disruptions unforeseen events in Canada, Libya and Venezuela.

Many analysts and investors believe that the strict application of US sanctions against Iran will drive up prices.

"It is becoming increasingly clear that Saudi Arabia and Russia will fight to offset the potential losses of Venezuela, Iran, and Libya," said Abhishek Kumar, an analyst at Interfax Energy in London.

JBC Energy, a Vienna-based consulting firm, said that the longer the implementation and US sanctions, the higher the price of oil will go up. According to a Reuters poll of 35 economists and analysts on Friday, oil prices are expected to reach $ 72.58 a barrel in 2018, up 90 cents from last month's forecast of $ 71.68. and compared to the average of $ 71.15 for the current year

North American oil inventories decreased due to a failure at Syncrude, Canada, which allowed for the loss of oil. inject more than 300,000 b / d of production. The outage is expected to last at least until July, according to operator Suncor Energy.