Brent oil hits $75 a barrel on Iran risk and Russia supply outage

Brent is set for a fifth straight week of gains, following the US announcement that it won't renew waivers for countries to import Iranian crude after May 2

Brent crude reached $75 a barrel for the first time since October as the US decision to tighten Iran sanctions and contamination in Russian shipments fuelled supply fears. 

Later, Iran’s foreign ministry said that it will not allow any country replace its oil sales in the global market.

Futures in London rose as much as 1.4 percent, gaining for a fifth session. Saudi Arabia on Wednesday responded to the US move to tighten sanctions on Iran, saying it saw no immediate need for action in the oil market. Separately, Russian crude deliveries to parts of Europe have been halted amid complaints of