Asia oil thirst cost jumps to $1 trillion annually; Brent hits $80.18

Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns that Iranian exports could fall because of renewed US sanctions, reducing supply in an already tightening market.

Besides Asia’s demand is at a record, pushing the cost of the region’s thirst for crude to $1 trillion this year, about twice what it was during the market lull of 2015/2016.

Brent crude futures reached an intraday high of $80.18 a barrel before receding to $79.67.

US West Texas Intermediate (WTI) crude futures were up 41 cents at $71.90 after also hitting their highest since November 2014, at