# Oil hits new multi-year high as market tightens on lost supply

> WTI settled above $74 for the first time since November 2014 and Brent neared a 3.5-year closing high. The rise followed U.S. sanctions threatening to remove substantial Iranian volume and a Canadian production outage.

- Date: 2018-06-29 · published 2018-06-29T12:00:00.000Z
- Category: geopolitics · region Iran · magnitude medium
- Page: https://feedsoft.ai/events/8782-oil-hits-new-multi-year-high-as-market-tightens-on-lost-supply
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Analysts doubt OPEC and Russian output increases can offset the lost Iranian supply, so prices are likely to stay firm and energy costs elevated.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-06-28 | [Oil trades near three-year high as Libya crisis tightens supply](https://feedsoft.ai/events/64674-oil-trades-near-three-year-high-as-libya-crisis-tightens-supply.md) | -3.7% | -6.5% |
| WTI | 2018-09-29 | [Brent hits 4-year high as U.S. sanctions on Iran tighten supply](https://feedsoft.ai/events/63234-brent-hits-4-year-high-as-u-s-sanctions-on-iran-tighten-supply.md) | +1.5% | -7.7% |
| WTI | 2022-03-04 | [Oil surges to multi-year highs as Russian supply shortfall looms](https://feedsoft.ai/events/6279-oil-surges-to-multi-year-highs-as-russian-supply-shortfall-looms.md) | -1.6% | -6.7% |
| WTI | 2022-01-19 | [Oil rises to 7-year high as Turkey outage adds to tight supply outlook](https://feedsoft.ai/events/43294-oil-rises-to-7-year-high-as-turkey-outage-adds-to-tight-supply-outlook.md) | +1.0% | +7.8% |
| WTI | 2019-03-01 | [Oil prices rise as markets tighten due to OPEC supply cuts](https://feedsoft.ai/events/60286-oil-prices-rise-as-markets-tighten-due-to-opec-supply-cuts.md) | -1.0% | +3.6% |
| BRENT | 2018-06-28 | [Oil trades near three-year high as Libya crisis tightens supply](https://feedsoft.ai/events/64674-oil-trades-near-three-year-high-as-libya-crisis-tightens-supply.md) | +0.7% | -4.0% |
| BRENT | 2018-09-29 | [Brent hits 4-year high as U.S. sanctions on Iran tighten supply](https://feedsoft.ai/events/63234-brent-hits-4-year-high-as-u-s-sanctions-on-iran-tighten-supply.md) | +2.3% | -6.3% |
| BRENT | 2022-03-04 | [Oil surges to multi-year highs as Russian supply shortfall looms](https://feedsoft.ai/events/6279-oil-surges-to-multi-year-highs-as-russian-supply-shortfall-looms.md) | -0.9% | -4.7% |

## Sources

- cnbc.com: https://www.cnbc.com/2018/06/29/us-oil-near-3-12-yr-high-markets-remain-tight.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.