International Benchmark Brent crude hits $77.18 per barrel at 10.35 am Turkish local time while American benchmark West Texas Intermediate (WTI) saw prices of $71.17 per barrel on Wednesday.
Brent crude began trading at $76.08 per barrel at 09.32 am Turkish local time while WTI saw prices of $71.50 per barrel early Wednesday.
Brent reached over $75 per barrel last Monday over uncertainty on whether the U.S. would pull out of the Iranian nuclear deal.
Under a deal signed in 2015, the U.S. and other world powers agreed to lift some economic sanctions imposed against Iran in return for the latter agreeing to rein in its nuclear program.
On late Tuesday, President Donald Trump withdrew the U.S. from its participation in the landmark nuclear agreement that world powers struck with Iran in 2015.
Trump opted not to extend sanctions relief on Iran ahead of a May 12 deadline, vowing instead to re-impose nuclear-related economic penalties.
"We will be instituting the highest level of economic sanction," Trump said while announcing his decision from the White House.
"Any nation that helps Iran in its quest for nuclear weapons could also be strongly sanctioned by the United States."
By Gulsen Cagatay