Brent oil rises above $80 for first time since 2014

web_photo_oil_24022018

Workers walk past storage tanks at Tullow Oil's Ngamia 8 drilling site in Lokichar, Turkana County, Kenya, February 8, 2018.

Workers walk past storage tanks at Tullow Oil's Ngamia 8 drilling site in Lokichar, Turkana County, Kenya, February 8, 2018.

web_photo_oil_24022018

Workers walk past storage tanks at Tullow Oil's Ngamia 8 drilling site in Lokichar, Turkana County, Kenya, February 8, 2018.

Workers walk past storage tanks at Tullow Oil's Ngamia 8 drilling site in Lokichar, Turkana County, Kenya, February 8, 2018.

LONDON - Benchmark oil contract Brent North Sea hit $80 a barrel Thursday for the first time since late 2014, extending a recent run higher fuelled by tight supply concerns.

Shortly before 1000 GMT, Brent North Sea crude for delivery in July jumped to $80.18 a barrel -- the highest level since November 2014.

READ: Oil hits new multi-year high on tight supply

Around 1010 GMT, it pulled back to $79.79, still 51 cents higher than Wednesday.

Global oil supplies could be hit by President Donald Trump&39;s decision to pull the US out of the Iran nuclear deal, and also by falling production in crisis-hit Venezuela, the International Energy Agency said on Wednesday.

Prior to Thursday&39;s peak oil prices had already been rising thanks to steady demand growth and a landmark deal by oil producing countries, both inside and outside the OPEC cartel, to lower output.