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Oil hits new multi-year high above $80 a barrel on Iran concerns

Reuters  |  NEW YORK 

By Jessica Resnick-AultNEW YORK (Reuters) - Oil prices climbed above $80 a barrel on Thursday for the first time since November 2014, hitting new multi-year highs on concerns that Iranian exports could fall because of renewed U.S. sanctions, reducing supply in an already tightening market. The market continued to push higher as geopolitical concerns drove trading."We are going to have reduced supplies from Iran in six months and Venezuela hasn't shown that they can stop the drop in their supplies," said Gene McGillian, vice president of research at Tradition Energy." Brent crude futures ...

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First Published: Thu, May 17 2018. 21:05 IST
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