Oil prices at highest levels since 2014

Oil prices have hit their highest level since 2014, with benchmark Brent crude moving above $74 a barrel. Brent has risen 11.4% since January.

Analysts point to escalating conflicts in Syria and Yemen, a crisis in Venezuela, and cuts to Saudi Arabian production for driving both Brent and West Texas Intermediate (WTI) to their highest levels since November 2014. On Thursday they traded $74.75 and $69.56 per barrel respectively.