Oil prices climbed on Thursday, with US crude hitting a three-and-a-half year high, bolstered by supply concerns due to US sanctions that could cause a large drop in crude exports from Iran. West Texas Intermediate (WTI) crude futures rose 69 cents, nearly 1 per cent, to settle at $73.45 a barrel. It reached $74.03 earlier in the session, the highest since Nov. 26, 2014. Brent crude futures rose 23 cents to settle at $77.85 a barrel. The United States this week demanded countries halt imports of Iranian oil from November, a hardline position the Trump administration hopes will cut off funding to Tehran. On Thursday, officials said they would work with countries on a case-by-case basis. China, the biggest importer of Iran's oil, has not committed to the US position.
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