Brent crude rose above $71 per barrel earlier today for the first time since 2014 thanks to a drop in US oil stocks.
Production cuts agreed by Opec and its allies and extended to the end of 2018 have also played a part in restoring the global benchmark, which fell below $30 in early 2016.
Brent had dropped back to $70.37 by 7:30am.
The benchmark sat in a range of $45-$55 for much of last year.
WTI crude climbed above $66, meanwhile.