NEW YORK (Reuters) -- Global Benchmark Brent crude jumped more than 3 percent on Monday to a four-year high above $80 a barrel after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply.
"The market's still being driven by concerns about Iranian and Venezuelan supply," said Gene McGillian, director of market research at Tradition Energy in Stamford. Brent crude hit its highest since November 2014 at $81.39 per barrel, up $2.59 or 3.3 percent, before easing to $80.86. U.S. light crude was $1.30, or 1.7 percent, higher at $72.08.