Brent crude touched its highest since 2014 in Asia-Pacific trading on Monday as oil prices marched higher on rising tension between the US and Iran.
The international oil price, which has benefited from a lift in US demand and Opec supply constraints this year, rose 1.2 per cent to $75.76 a barrel by late morning in Hong Kong, its highest level since November 2014.
The move came after Iran’s president warned on Sunday that Donald Trump would be making a “historic” mistake if the US were to withdraw from its 2015 nuclear deal with Tehran. Mr Trump has threatened to abandon the deal, under which Iran shut down its nuclear activities. US sanctions waivers expire on May 12.
Energy stocks also gained. Chinese oil giant CNOOC was up 3.4 per cent in Hong Kong, at its highest since 2015. The energy segment added 1.3 per cent in Japan while the broader Topix index dropped 0.3 per cent. And in Sydney the S&P/ASX 200 Energy index was up 0.8 per cent.