OPEC, led by Saudi Arabia, has a spotty track record of carrying out production cuts, but compliance has been strong this time. “I think we are where we are because OPEC got their groove back,” said Helima Croft, an analyst at RBC Capital Markets.

The flow of oil to the global market has been further constricted in recent years as a result of the political and economic crisis plaguing Venezuela, another major producer of crude.

The reduced global supply — combined with the solid global economy — has helped push oil prices higher since they fell below $30 a barrel in early 2016. The rising tide has lifted the price of the international benchmark, Brent crude, above $75.

“It is mostly a fundamentals-driven market, but the icing on the cake is the worry about Iran,” said Michael Lynch, president of Strategic Energy and Economic Research, a consulting firm.

A boom in production in the United States has helped offset some of the tightening in supply in recent months. But higher prices elsewhere have prompted American producers to sell on the global market, driving oil exports to record highs and pulling domestic oil prices higher.

That has benefited energy companies, as well as and oil-producing states like Texas. Chevron and Royal Dutch Shell recently reported quarterly profits comparable to what they generated four years ago, when prices topped $100 a barrel.

But for large swaths of corporate America, the higher prices mean a hit to profits. Airline stocks fell by more than 1 percent Monday as investors took fuel-price pressures into account.