Brent hits $80
What you are seeing is a tightening inventory picture from the Iranian sanctions globally.
Brent hits $80 for first time in this year.
As investors assessed the impact of Iranian sanctions , the question is whether mega-producers Saudi Arabia and Russia will jump in to fill supply gaps. Russia said it has the capacity to set a new oil production record but won't decide whether the market needs those additional supplies before an OPEC meeting this month.
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