A worker walks in between oil barrels at Pertamina's storage depot in Jakarta January 26, 2011. Indonesian state energy firm Pertamina plans to spend $1 billion in 2011 for acquisitions of 
oil and gas blocks, as the country seeks to boost declining production. REUTERS/Supri

The price of oil just topped $70—its highest level since 2014

$70

Brent crude oil crossed the $70 a barrel mark on Thursday (Jan. 11), its highest level in three years.

Published   |  Photo by Reuters/Supri
A worker walks in between oil barrels at Pertamina's storage depot in Jakarta January 26, 2011. Indonesian state energy firm Pertamina plans to spend $1 billion in 2011 for acquisitions of 
oil and gas blocks, as the country seeks to boost declining production. REUTERS/Supri
$70

Prices are surging in part because of the production cuts agreed between OPEC countries and Russia in November. They produce 40% of global oil output.

A worker walks in between oil barrels at Pertamina's storage depot in Jakarta January 26, 2011. Indonesian state energy firm Pertamina plans to spend $1 billion in 2011 for acquisitions of 
oil and gas blocks, as the country seeks to boost declining production. REUTERS/Supri
$70

Other factors include growing tensions between the US and Iran, a major oil producer, and the instability in Yemen, which could affect oil exporters in the Gulf.

A worker walks in between oil barrels at Pertamina's storage depot in Jakarta January 26, 2011. Indonesian state energy firm Pertamina plans to spend $1 billion in 2011 for acquisitions of 
oil and gas blocks, as the country seeks to boost declining production. REUTERS/Supri
$70

Brent crude peaked in 2014, at $115, but dropped to below $30 in 2016. It remains to be seen how long the current rally will last and how close it will get to that 2014 peak.

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