New York — Brent crude oil jumped 1.5% to more than $80 a barrel on Tuesday, supported by concern that falling Venezuelan crude output and a potential drop in Iranian exports could further tighten global supply.Brent crude futures rose $1.19 to $80.41 a barrel, a 1.5% gain, by 3.12pm GMT). Last week, the global benchmark topped $80 for the first time since November 2014.US West Texas Intermediate (WTI) crude rose 59c to $72.83 a barrel, a 0.8% gain. It earlier touched $72.83 a barrel, its highest since November 2014.The US government imposed new sanctions on Venezuela following Sunday’s re-election of President Nicolás Maduro, a move that analysts say could further curb the country’s oil output, already at its lowest in decades. "The impact is more fear-related that we’ll see more barrels come off the market," said Rob Haworth, senior investment strategist for US Bank Wealth Management.Also supporting prices is concern about a potential drop in Iranian oil exports following Washingt...
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