Brent crude oil heads towards $80 per barrel as Total threatens to quit Iran - business live

The oil price is heading towards $80 per barrel for the first time since 2014, as Donald Trump’s decision to impose sanctions on Iran continues to reverberate through the financial markets.
French energy giant Total announced it would withdraw from a Iranian gas deal before the end of the year, unless it gets a waiver.
This looks like a blow to Europe’s hopes of keeping its current economic ties with Iran intact, following America’s withdrawal from the Iranian nuclear deal earlier this month.
The SP11 agreement was signed last July, making Total the first major Western energy company to invest in the



Islamic Republic since sanctions were lifted in 2016.
Now, though, Total is worried that it would be sanctioned by the US authorities if it kept dealing with Iran. The potential penalties from Washington simply look unpalatable.
The news sent Brent crude jumping to $79.47, a three and a half-year high. This puts $80 in traders’ sights - and leaving motorists facing higher prices at the pumps.
Mihir Kapadia, CEO and founder of Sun Global Investments, agrees that geopolitical tensions are driving energy prices higher, with unrest is building in Venezuela ahead of this weekend’s presidential elections.