Oil prices have risen too high, according to BP CEO Bob Dudley, who says current price levels do not benefit oil producers or consumers.

“I’ve been saying for a long time that the fairway for oil prices is between $50 and $65," he said, speaking at the AIPN International Petroleum Summit in London. "[It] feels better for the world – for both the producers and consumers.

“We’re off the fairway now at $75. There’s a lot of geopolitical tension out there.

“I think it is uncertainty around Iran that may be one of the bigger factors – of course the second is that the dollar is dropping.”

Dudley also said that BP was not planning its future based on prices remaining at current levels.

“We’re not going to plan for the company at this level,” he said.

Brent crude has hit its highest level since November 2014. The price rose for a sixth day today – passing $75 a barrel.

The price increase comes amid expectations that supplies will tighten if the US imposes sanctions against Iran and Opec-led output cuts remain in place.