Benchmark oil contract Brent North Sea hit $80 a barrel today for the first time since late 2014, extending a recent run higher fuelled by tight supply concerns. 

Brent North Sea crude for delivery in July jumped to $80.18 a barrel - the highest level since November 2014.

While it later pulled back to $79.79, it was still 51 cents higher than yesterday. 

Global oil supplies could be hit by President Donald Trump's decision to pull the US out of the Iran nuclear deal, and also by falling production in crisis-hit Venezuela, the International Energy Agency said this week.

Before today's peak oil prices had already been rising thanks to steady demand growth and a landmark deal by oil producing countries, both inside and outside the OPEC cartel, to lower output.