Price of Brent crude surpassed $76 per barrel mark on Monday amid worries over reimposing sanctions on Iran could hinder oil supply from the country.
International benchmark Brent crude climbed to as high as $76.33 per barrel at 1200 EST (1600 GMT), while American benchmark rose to as much as $70.81 a barrel around that time.
This marked the highest level for both benchmarks since November 2014, and brought the daily gain of Brent to 1.9 percent and WTI to 1.4 percent at that hour.
Crude prices have been on the rise in recent weeks with the possibility that the U.S. could withdraw from the historic Iran nuclear deal that was signed on July 2015.
Such a move would see Washington to reimpose sanctions on Iran, which would lower Tehran's ability to produce and export its oil, creating supply shortages in the global oil market.
The U.S. President Donald Trump was expected to announce his decision about the Iran nuclear deal by Saturday the latest.
In a sudden move, "I will be announcing my decision on the Iran Deal tomorrow from the White House at 2:00pm [1800GMT]," Trump wrote on his Twitter account on Monday afternoon.
After Trump's announcement, oil prices posted some losses, but were on the positive for the day.
Brent crude traded $75.35 per barrel at 2000 GMT, while WTI was at $69.84 a barrel at that time.
By Ovunc Kutlu in New York