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Oil hits $80 a barrel on concerns about Iran supply

CNBC [1]
May 17, 2018

Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns Iranian exports could fall, reducing supply in an already tightening market.

Brent crude futures [2] briefly hit $80, before pulling back to trade up 57 cents at $79.85 per barrel.

U.S. West Texas Intermediate (WTI) crude futures [3] were up 64 cents at $72.13 a barrel, also their highest 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 [4] decision to withdraw from an international nuclear deal with Tehran has lifted oil prices in recent weeks.

France’s Total on Wednesday warned it might abandon a multibillion-dollar gas project in Iran if it could not secure a waiver from U.S. sanctions, casting further doubt on European-led efforts to salvage the nuclear deal.

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