Oil prices rose on Friday as U.S. sanctions against Iran threatened to remove a substantial volume of crude from world markets at a time of rising global demand.

U.S. West Texas Intermediate (WTI) crude ended Friday’s session up 70 cents, or 1 percent, at $74.15, its best closing price since Nov. 24, 2014. WTI hit a session peak of $74.46, also its highest level since November 2014.

Brent crude was up $1.60, or 2.1 percent, at $79.45 by 2:13 p.m. ET (1813 GMT), after earlier rising as high as $79.70.

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