At $80 a barrel, oil hits record high

Following French energy giant Total’s Iran threat

Oil prices hit $80 a barrel today for the first time since November 2014 amid concerns that the French energy giant, Total, is planning to withdaw from its large Iran gas field deal.

This is not all. There are simultaneous reports that Moller-Maersk, the world’s largest shipping firm, is also planning to pull out of Iran.

Moller-Maersk’s CEO, Soren Skou, told Reuters: “With the sanctions the Americans are to impose, you can’t do business in Iran if you also have business in the US, and we have that on a large scale. I don’t know the exact timing details, but I am certain that we’re also going to shut down (in Iran)”.

Meanwhile, Morgan Stanley have predicted that Brent will trade at $90 per barrel in 2020.