Coverage: Oil prices briefly hit $80 a barrel

Crude-oil prices on Thursday ended little changed, if not slightly higher, after a brief jaunt past $80 a barrel for the international benchmark first the time since 2014.

Myra P. Saefong and Sara McFarlane of MarketWatch.com had the news:

WTI prices finished flat, having been poised earlier to mark another 3½-year settlement high. Brent prices were barely positive for the session, though finding ongoing support from Washington’s decision last week to reinstate sanctions on Iran.

July Brent crude edged up by 2 cents to settle at $79.30 a barrel on ICE Futures Europe, after tapping a high of $80.50. Prices haven’t seen levels this high since November 2014. On the New York Mercantile Exchange, June West Texas Intermediate crude the U.S. benchmark, settled unchanged at $71.49 a barrel, holding at a 3½ year high.

WTI prices finished flat, having been poised earlier to mark another 3½-year settlement high. Brent prices were barely positive for the session, though finding ongoing support from Washington’s decision last week to reinstate sanctions on Iran.

July Brent crude edged up by 2 cents to settle at $79.30 a barrel on ICE Futures Europe, after tapping a high of $80.50. Prices haven’t seen levels this high since November 2014. On the New York Mercantile Exchange, June West Texas Intermediate crude the U.S. benchmark, settled unchanged at $71.49 a barrel, holding at a 3½ year high.

Tom DiChristopher of CNBC.com wrote that concerns about doing business in Iran remain:

French oil major Total said on Wednesday it will halt a multibillion-dollar investment natural gas development in Iran unless it receives a waiver from the U.S. government.

OPEC members can replace any supplies lost from Iran, and the United States is pumping at record levels, noted Anthony Grisanti, president and founder at GRZ Energy.

“I see a lot of this move being seasonal factors. Demand for products has been very strong,” including gasoline and distillate, he told CNBC’s “Futures Now.”

“I wouldn’t be surprised if this market didn’t sell off after the Memorial Day holiday.”

Anjli Raval of The Financial Times reported that a barrel could hit $100:

Some industry analysts, such as those at Bank of America, have eyed a return to $100 a barrel. This has spurred questions about whether Opec producers will decide to exit the supply cut deal that has been in place since last year.

“What everyone is grappling with is when does Opec and its allies step in?” said Helima Croft, global head of commodity strategy at RBC Capital Markets.

Saudi Arabia, Opec’s de facto leader, has said it will work with other producers to alleviate any supply shortages. But people briefed by its energy ministry say the kingdom is reluctant to open the taps for fear it could trigger renewed price falls. Another person said that Gulf Arab countries were monitoring full-year price averages before acting.

A statement from the Saudi energy ministry on Thursday acknowledged the recent price volatility, but said the world had “ample supply” available.