Oil Prices Hit Multi-Year Highs as Supply Tightens

Oil barrels are pictured at the site of Canadian group Vermilion Energy in Parentis-en-Born, France, on Oct. 13, 2017. Regis Duvignau/Reuters

LONDON—Benchmark Brent crude oil prices climbed close to $120 a barrel on Thursday, with Russian oil exports disrupted as traders try to avoid becoming entangled in sanctions.

Support also came from U.S. crude stockpiles at multi-year lows, helping to lift Brent crude futures as high as $119.84 a barrel for the highest level since 2012.