Oil briefly tops $75 a barrel

Markets Insider

• Oil prices briefly hit fresh highs early Tuesday, rising to levels not seen since 2014.
• Brent crude oil topped $75 a barrel.
• Prices inched lower around 8:30 a.m. ET.
• Follow oil prices in real time here.

Oil prices briefly surged to fresh three-year highs Tuesday morning before falling again.

Brent, the international benchmark, surged as high as $75.27 a barrel overnight - a level not seen since 2014. By 8:30 a.m. ET, it had slipped more than 1% to $74.15. West Texas Intermediate rose to $69.33 overnight before retreating about 0.10%.

Crude has been rallying over the past week amid supply concerns. There have been multiple reports of falling crude inventories in the US and creeping concerns that President Donald Trump will pull out of the Iran nuclear deal.

Additionally, Saudi Arabia is reportedly targeting prices as high as $100 a barrel. That's widely seen as a signal that OPEC will continue production cuts after they expire at the end of the year.

But other members of the cartel have recently suggested otherwise, which could be dampening prices. Iran's oil minister told reporters Monday that OPEC may not have to extend the deal if prices keep surging.

Get the latest Oil WTI price here.