Brent oil tops $80 for first time in 3 years

An Aerial view of Iran's Balal offshore oil platform, in the Gulf on the edge of Qatar's territorial waters on 16 May 2004.BEHROUZ MEHRI/AFP

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SULAIMANI — The price of Brent oil rose to $80 per barrel on Tuesday (September 28) for the first time in nearly three years amid increased worldwide demands and tight supply concerns.

The leading crude benchmark hit the highest price since October 2018.

Meanwhile, US West Texas Intermediate was at $76.06 on Tuesday morning, nearly $1 higher compared to the previous day.

Oil prices have been rising this year, since a price crash in spring 2020 due to the spread of coronavirus.

Iraq is almost entirely dependent on oil exports for its state budget.

(NRT Digital Media)