Benchmark oil contract Brent North Sea hit $80 a barrel Thursday for the first time since late 2014, extending a recent run higher fuelled by tight supply concerns.
Shortly before 1000 GMT, Brent North Sea crude for delivery in July jumped to $80.18 a barrel — the highest level since November 2014.
Around 1010 GMT, it pulled back to $79.79, still 51 cents higher than Wednesday.
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Global oil supplies could be hit by President Donald Trump’s decision to pull the US out of the Iran nuclear deal, and also by falling production in crisis-hit Venezuela, the International Energy Agency said on Wednesday.
Prior to Thursday’s peak oil prices had already been rising thanks to steady demand growth and a landmark deal by oil producing countries, both inside and outside the OPEC cartel, to lower output.
Source: G Business
