Brent crude oil eased on Tuesday after earlier jumping above $80 a barrel, supported by concern that falling Venezuelan crude output and a potential drop in Iranian exports could further tighten global supply.
Crude is trading near the highest since late 2014, underpinned by a supply-cutting deal among the Organization of the Petroleum Exporting Countries plus Russia and other non-members, and strong global demand.
Brent crude, the global benchmark, finished the day's trading up 35 cents at $79.57 a barrel. The contract earlier hit $80.49, nearly topping last week's best price since November 2014.
U.S. crude was ended the session down 11 cents at $72.13, having earlier traded at $72.83, its highest since November 2014.