Oil rises to $80 a barrel in London for first time since 2014

Futures for September delivery on the Shanghai International Energy Exchange gained 1.9 percent to 481.9 yuan a barrel, rising for a third day

Oil rose to $80 a barrel in London for the first time since 2014 as US crude inventories fell and traders braced for the impact of renewed sanctions on OPEC member Iran.

Brent futures added as much as 1.1 percent to $80.18 on Thursday. US crude stockpiles slipped for a second week as the summer driving season approaches, government data showed on Wednesday. Goldman Sachs Group Inc. said America’s surging shale output won’t be able to replace the potential drop in Iranian oil shipments after the US reimposed sanctions on OPEC’s third-largest producer.

Crude has rallied this month to the highest level in