International oil benchmark, Brent crude, climbed above $80 per barrel on Thursday for the first time since November 2014, on the back of concerns that Iranian exports could fall because of renewed sanctions by the United States.

Brent, against which Nigeria’s crude oil is priced, reached an intraday high of $80.33 per barrel before receding to $80.16 by 11:09 am EDT (1509 GMT), according to Reuters. It stood at $79.39 as of 8:20 pm Nigerian time.




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Oil price hits $80 on Iran concerns http://www.sanwomi.com/2018/05/oil-price-hits-80-on-iran-concerns.html