Brent Crude Oil Hits $80 A Barrel For First Time Since October

Oil surpassed $80 a barrel as traders digested a report that Indian oil processors are bracing for new US sanctions that would hit flows from Russia.

Brent futures rose to as much as $80.54 in London, the highest since October. The US sanctions would target more than 180 tankers carrying Russian oil, as well as maritime insurance providers based in the country, according to Reuters.

(This is a developing story)