Higher oil prices, in turn, pushed the shares of energy firms in European stock markets higher, helping London's FTSE to set a new all-time high, and the Paris CAC to establish a fresh 2018 peak.
Wall Street recovered from early weakness to show small gains in late morning in New York.
Brent North Sea crude for delivery in July jumped to USD 80.50 in European afternoon trading, the highest level since November 2014, posting a gain of more than 1.3 per cent from yesterday.
By the end of the day it had pulled back to USD 80.33, still USD 1.05 up from yesterday.
Global oil supplies could be hit by President Donald Trump's decision to pull the United States out of the Iran nuclear deal, and also by falling production in crisis-hit Venezuela, the International Energy Agency said yesterday.
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