Oil prices hit four-year high

US withdrawal from Iran nuclear deal, deteriorating situation in Venezuela and Opec cuts drive up Brent Crude prices

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(Image credit: Jeff J Mitchell/Getty Images)

The price of oil hit a four-year high yesterday, rising above $70 a barrel for the first time since 2014.

Even after falls of almost 1% this morning, the price of a barrel of Brent crude now stands at $75.43 - up about 12% on the start of the year.

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