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Oil nears $80 after hitting highest since November 2014

Reuters  |  LONDON 

By Ron BoussoLONDON (Reuters) - Oil prices hit their highest level since November 2014 on Thursday, with Brent crude creeping closer to $80 per barrel as supplies tighten and tensions with Iran simmer. Brent crude futures rose 32 cents to $79.60 per barrel at 0846 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 29 cents at $71.78 a barrel. That was not far off Tuesday's $71.92 a barrel - also a level not seen since November 2014.The prospects of a sharp drop in Iranian oil exports in the coming months due to renewed U.S. sanctions following President Donald Trump's decision to ...

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First Published: Thu, May 17 2018. 14:59 IST