Oil Hits 3-Year High

Scott Olson/Getty Oil prices jumped to fresh highs on Tuesday morning. That's on the back of a bullish OPEC report and Iran sanctions. Oil prices rose to fresh multi-year highs Tuesday morning after OPEC said it cut supply more than expected and as markets poised for sanctions on Iran. Brent, the international benchmark, rose as much as 1% at $79.47 per barrel around 8:30 a.m. The cartel also said its output rose slightly last month, mainly via Saudi Arabia, but raised its demand forecast for next year by 25,000 barrels per day to average 98.85 million barrels per day.