Oil Prices Hit $80 Per Barrel, Highest Since Nov 2014(AFRICAN EXAMINER) – Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns that Iranian exports could fall due to renewed U.S. sanctions and reduce supply in an already tightening market. Brent crude futures LCOc1 reached an intraday high of $80.18 while U.S. West Texas Intermediate (WTI) crude futures were up 57 cents at $72.06 a barrel, also their highest since November 2014. “Supply concerns are top of mind after the United States left the Iran nuclear deal.”Several banks have in recent days raised their oil price forecasts, citing tighter supplies and strong demand. But high oil prices could hit consumption, the International Energy Agency warned on Wednesday, lowering its global oil demand growth forecast for 2018 to 1.4 million from 1.5 million barrels per day (bpd). The IEA said global oil demand would average 99.2 million bpd in 2018, although U.S. bank Goldman Sachs said consumption would cross 100 million bpd “this summer’’.