Oil prices hit their highest level so far in 2019 overnight, with Brent crude approaching $US70 a barrel, on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut.

Oil prices hit their highest level so far in 2019 overnight, with Brent crude approaching $US70 a barrel, on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut.