Thursday, 17 May 2018

Oil tops $80 a barrel for the first time in three-and-a-half years



The oil price has climbed above $80 a barrel for the first time in three-and-a-half years amid simmering global tensions over Iran.
 
Brent crude has been rising in recent months as supplies tighten and the decision by Donald Trump to pull out of an international nuclear deal with Tehran has added to the upward pressure.
 
 
The chief executive of French oil firm Total, Patrick Pouyanne, raised the prospect of crude topping $100 "in the coming months" just hours after the cost hit levels not seen since November 2014.


Rising prices of oil will add to motorists' fuel bills.


However, it is a welcome trend for oil companies including BP and Royal Dutch Shell - two companies which are staples of UK pension funds.


Markets have been reacting to the prospect of a sharp drop in Iranian oil exports after the US decision on the deal.




BBC     News.