Brent oil prices shoot past $80, with market rattled by Iran supply worries

Brent crude prices climbed past $80 a barrel Thursday, as Washington’s decision to reinstate sanctions on Iran continued to fuel a rally that has pushed the market to 3½-year highs.

Brent crude LCON8, +0.72%  , the global oil benchmark, was up 0.8% , or 74 cents, at $80.02 a barrel on London’s ICE Futures exchange, revisiting an earlier move past $80, its highest level since November 2014. On the New York Mercantile Exchange, West Texas Intermediate futures CLM8, +0.78%  were up 66 cents, or 0.9%, at $72.14 a barrel.

Thursday’s gains came as European companies pull back from Iran. European companies had said they would stand by the 2015 international nuclear agreement that saw sanctions against Iran eased in return for Tehran curbing its nuclear program. Washington dropped out of that pact last week, sending oil sharply higher on the belief that Iranian supply will be curbed, when crude inventories are already falling…

 

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