The Guardian – Brent crude has hit $80 per barrel for the first time since November 2014.
The news that Total is planning to withdaw from its large Iran gas field deal has pushed prices steadily higher this morning.
The price of a barrel of Brent crude has now gained more than 16% since early April, as traders anticipate supply shortages if geopolitical tensions in the Middle East continue to rise.
Norbert Ruecker, head of macro and commodity research at Julius Baer, says:
“Supply concerns are top of mind after the U.S. left the Iran nuclear deal. The geopolitical noise and escalation fears are here to stay.”