Brent crude futures hit $75 a barrel for the first time since Aug. 2 as the market continues to face reduced supply in the United States.
Brent crude rose 1.9 per cent to $75.02 a barrel at 9:05 in New York.
Brent crude prices have risen steadily since the end of August and have been further boosted after Hurricane Ida shut down some oil production along the Gulf of Mexico, and about 40 per cent of production capacity has not yet been restored.
Given the decline in US inventories, the International Energy Agency (IEA) said this week that the global market would not get more supply until October, when the Organization of the Petroleum Exporting countries (OPEC) and its allies would increase production.
Tight supply raises the risk of major oil consumers intervening in the market.