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Brent crude climbed above $80 a barrel after Opec and its allies signalled less urgency to boost output, despite U.S. pressure to temper prices.
Futures in London rose as much as 2.7 per cent to its highest level since November 2014. Opec and its partners gave a chilly response to President Donald Trump’s demand that rapid action be taken to reduce prices, saying they would boost output only if customers seek more cargoes. Brent could rise to $100 for the first time since 2014 as the market braces for the loss of Iranian supplies due to U.S. sanctions, according to
