Brent boosts gains and jumps above $74

Oil prices rose during today's trading supported by the US President Donald Trump's decision to end the sanctions waivers for Iran oil importers., which coincided with the decline of the dollar against most major currencies.

Trump's administration announced the suspension of waivers for Iranian oil importers, which means further pressure on Tehran's oil exports.

Saudi Arabia responded to this statement, saying that the Kingdom is continuing its policy to achieve more stability and balance in the oil market.

Meanwhile, the dollar index (against a number of major currencies) fell by 0.1% to 97.2 points at 16:10 GMT, reaching a high of 97.4 points and a low of 97.2 points.

By 16:01 GMT, US West Texas crude rose by 2.9% to $65.8 a barrel, recording a high of $65.9 and a low of $64.

Brent crude also rose 3.4% to $74.4 a barrel, hitting a high of $74.4 and a low of $71.8.