Oil conquers $80 as global energy crunch rattles markets

Brent oil topped $80 a barrel for first time in three years amid signs that demand is running ahead of supply, depleting inventories amid a global energy crunch.

The leading crude benchmark rose for a sixth day Tuesday to hit the highest since October 2018, while West Texas Intermediate extended gains at $76.10 a barrel.

Oil’s latest upswing has come amid a flurry of bullish price predictions from banks and traders, further gains in natural gas, and speculation the energy industry isn’t investing enough in fossil fuels to keep supplies at current levels.