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Oil hits $80, highest since November 2014, on Iran concerns

Reuters  |  LONDON 

By Ron BoussoLONDON (Reuters) - Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns that Iranian exports could fall because of renewed U.S. sanctions, reducing supply in an already tightening market. Brent crude futures reached an intraday high of $80.18 a barrel before receding to $79.67 at 1326 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 41 cents at $71.90 after also hitting their highest since November 2014, at $72.30 a barrel.U.S. President Donald Trump's decision this month to withdraw from an international nuclear deal with Iran ...

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First Published: Thu, May 17 2018. 19:21 IST