Crossing $82 a barrel today, the oil prices have shot up to a new record amid upcoming US sanctions on Iranian crude exports and the apparent reluctance of OPEC and Russia to raise output to offset the potential hit to global supply.
Brent crude oil was up 1 per cent today at $82.01 a barrel.
The oil price is on course for its fifth consecutive quarterly increase, boosted in part by President Donald Trump’s decision to pull out of the Iran nuclear accord and renew sanctions on the country, which are aimed at sharply curtailing the major producer’s exports.
A leading analyst has also told media that if prices climbed to $100 – a level not seen since September 2014 – growth in oil demand would be “annihilated” and demand would fall sharply.
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