Oil prices hit their highest of 2019 on Tuesday, with Brent crude approaching $70 a barrel, on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut, ONA reports citing Reuters.

Brent futures reached a session peak at $69.50 a barrel, the highest since Nov. 13. The global benchmark was 13 cents, or 0.2 percent, higher at $69.14, by 10:58 a.m. EDT (1458 GMT).

U.S. West Texas Intermediate (WTI) crude gained 50 cents, or 0.8 percent, at $62.09 a barrel. The contract earlier hit $62.38, the highest since Nov. 8.

The United States is considering more sanctions against Iran, the fourth-largest producer in the Organization of the Petroleum Exporting Countries, an official said. While Washington has granted waivers to eight Iranian oil buyers, the number of waivers could be reduced in the future.