Brent oil surges above USD 80 for first time since 2014

Benchmark oil contract Brent North Sea hit its highest level since late 2014 today, breaching USD 80 per barrel, with some market players predicting it could rise all the way to USD 100.

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.

The CEO of French oil giant Total today said he "wouldn't be surprised to see USD 100 per barrel" in the coming months.

"We are in a new world. We are in a world where geopolitics are dominating the market again," Patrick Pouyanne said at an event held by a Washington think tank.

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.