The news that�Total is planning to withdaw from its large Iran gas field deal�has pushed prices steadily higher this morning.
Bloomberg Markets(@markets)Brent hits $80�https://t.co/YwZw4AJFuz�pic.twitter.com/46Zh4JUUZQ
May 17, 2018
The price of a barrel of Brent crude has now gained more than 16% since early April, as traders anticipate supply shortages if geopolitical tensions in the Middle East continue to rise.
Norbert Ruecker, head of macro and commodity research at�Julius Baer, says:
�Supply concerns are top of mind after the U.S. left the Iran nuclear deal. The geopolitical noise and escalation fears are here to stay.�
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