Oil topped $74 a barrel on Monday, the highest since November, with the United States set to announce a further clampdown on Iranian oil exports, tightening global supplies.
The United States is expected to say later on Monday that buyers of Iranian oil need to end imports soon or face sanctions, a source familiar with the situation said, confirming an earlier Washington Post report.
Brent crude, the global benchmark, rose as much as 3.3 percent to $74.31 a barrel, the highest since Nov. 1. It was up $1.94 at $73.91 at 0847 GMT.
U.S. West Texas Intermediate crude climbed by as much as 2.9 percent to $65.87, the highest since Oct. 31, and was last up $1.51 at $65.51.