Brent crude has surpassed the $80 a barrel mark, close to this year’s highs, with traders weighing impending sanctions on Iran’s energy sector, lower forecasts for shale production and a big hurricane approaching the US east coast.
“Those of a bullish disposition currently have no shortage of ammunition. Yet they have been given a further helping hand by Mother Nature,” said Stephen Brennock at London-based broker PVM.
Brent, the international benchmark, rose 99 cents to $80.07 a barrel on Wednesday — the highest since the intraday peak of $80.50 a barrel in May. US marker West Texas Intermediate increased $1.67 a barrel to $70.96.
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