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The price of Brent's barrel exceeds 80 dollars for the first time since 2014

Gasoline and diesel break the barrier of 1.3 and 1.2 euros a liter

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The price of Brent's barrel exceeds 80 dollars for the first time since 2014

The price of Brent oil has exceeded 80 dollars per barrel this Thursday due to sanctions imposed by United States to Iran. This is highest amount since November 2014. The price has been driven by geopolitical tensions of recent months in producing countries like Iran. As a result of se increases gasoline and diesel have exceeded price barrier of 1.3 and 1.2 euros per liter, which implies new Maxima.

More information
  • Diesel and petrol prices are up 1.3% and peaks of year are looming
  • Oil hits three-year peaks from tension between Russia and US
  • The price of Brent oil exceeds 68 dollars per barrel

Brent, a crude reference in Europe, has reached 80.18 dollars per barrel, compared to 79.28 of Wednesday's closing. So far this year Brent accumulates a rise of 19.9% compared to 66.87 dollars marked at end of year 2017. For its part, crude Texas — a benchmark for US — has also experienced growth in recent months. Thus, this Thursday has reached 72.30 dollars per barrel, its maximum amount since November 2017.

These increases are explained by increase in tension and international instability, which has been transferred to price of crude oil. Among current difficulties are new US sanctions imposed on Iran after country presided by Donald Trump was released from nuclear agreement signed in 2015; The low production of Venezuela that International Energy Agency (IEA) has warned in its monthly report that is of "main challenges" for price of crude oil; The escalation of tension in Arab region and new clashes with North Korea. Thus, fear of investors to reduce supply drives amount upward.

Gasoline and diesel, more expensive

Driven by increase in price of crude oil, liter of gasoline has increased amount this week by 1.24%, up to 1.302 euros. This is a new maximum price since July three years ago. For its part, Diesel has marked a new annual maximum and levels that were not seen since December 2014 to be in 1.207 euros, a rise of 1.42%, according to data from EU oil bulletin.

Fuel prices continue as well with rise that began at end of March and is now intensified by political tensions that have led to skyrocketing oil price. Since March — when annual lows were recorded and rise began — price of diesel has risen by 7% and gasoline 6.7%.

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