Brent Hits $80 for First Time Since May as Supplies Tighten
- U.S. inventories are at the lowest level since 2015: EIA
- Iranian sanctions have investors eyeing further supply drops
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Crude touched $80 a barrel in London for the first time since May amid signs that global supplies are rapidly shrinking.
Brent futures rose 0.9 percent on Wednesday, while the U.S. crude benchmark added 1.6 percent. U.S. efforts to isolate Iran have disrupted shipments from OPEC’s No. 3 supplier at the same time that American crude stockpiles dwindled to a 3 1/2-year low. Meanwhile, Hurricane Florence threatened East Coast fuel markets.