Brent crude touches $80 per barrel

The Brent crude prices are back to the highs after 2014, with Brent crude touching $80.18 per barrel. The WTI crude is also up at $71.78 per barrel. The global demand-supply scenario has led to the price rise 

The prospects of a drop in Iranian oil exports due to sanctions imposed by the US after pulling out from the Iran nuclear deal has moved the prices northwards. In the short term, the replacement for the gap in Iranian oil supply will not be able to stabilise the prices 

Further, the global oil inventories are expected to remain under pressure due to supply constraints arising from the geopolitical turmoil. The prices have surged to the highest level since last three years. 

Going forward, oil prices are expected to remain high due to supply constraints and expected to hinder global economic growth as the geopolitical risks are the major headwinds for the oil market.