World Bulletin / News Desk

Benchmark oil contract Brent North Sea briefly surged above $80 a barrel Thursday, hitting its highest level since late 2014 and extending a recent run higher fuelled by tight supply concerns.

Brent North Sea crude for delivery in July jumped to $80.18 a barrel in the late European morning -- the highest level since November 2014 -- after a gain of more than one percent compared with Wednesday's close.

By mid-afternoon it had pulled back to $79.65, still 37 cents higher from Wednesday.

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