The price of Brent crude oil – the international benchmark – hit $US80 per barrel for the first time since late 2014 overnight as the commodity’s rapid price growth in 2018 continues unabated.

Brent reached a high of $US80.50 per barrel overnight, marking the first time since November 2014 it has passed above that mark.

It later fell back below $US80 to trade at $US79.48 this morning.

West Texas Intermediate — the US benchmark — was trading at $US71.53 this morning, up from about $67.50 at the start of the month.

Oil’s gains this week have been driven by news out of OPEC on Monday that it is cutting production by more than is required to do so under the terms of a 2017 agreement.

The cartel also said its output rose slightly last month, mainly via Saudi Arabia, but raised its demand forecast for next year by 25,000 barrels per day to average 98.85 million barrels per day.

Elsewhere, supply concerns have been mounting over the last week after President Donald Trump pulled the US out of the Iran nuclear deal – a move that reimposes sanctions on Iranian oil.

European oil benchmark Brent hit $US80 on Thursday.
European oil benchmark Brent hit $US80 on Thursday.

Here’s a list of ASX oil juniors that stand to benefit from the price gains:

ASX Code Company Price change 2018 (Jan-May) Price May 9 (intraday) Market Cap Regional focus
MPO MOLOPO ENERGY 0 0.14 -- US
AOK AUSTEX OIL 0 0.017 -- US
EEG EMPIRE ENERGY 2.36363636364 0.037 45.5M Aust US
BAS BASS OIL 1 0.004 10.4M Asia
CVN CARNARVON PETROL 0.734693877551 0.17 175.0M Aust
ATS AUSTRALIS OIL & 0.695652173913 0.39 357.5M US
88E 88 ENERGY 0.6 0.04 203.9M US
BYE BYRON ENERGY 0.557692307692 0.405 280.8M US
HZN HORIZON OIL 0.526315789474 0.145 188.8M Asia
LKO LAKES OIL 0.5 0.003 55.2M Aust
TAP TAP OIL 0.280701754386 0.073 31.9M Aust
KEY KEY PETROLEUM 0.25 0.01 14.8M Aust
EXR ELIXIR PETROLEUM 0.175675675676 0.087 19.3M US
OEL OTTO ENERGY 0.175438596491 0.067 105.6M Asia
BRU BURU ENERGY 0.169230769231 0.38 168.5M Aust
TDO 3D OIL 0.166666666667 0.07 16.6M Aust
BRK BROOKSIDE ENERGY 0.166666666667 0.014 13.8M US
FPL FREMONT PETROLEU 0.142857142857 0.008 5.4M US
COE COOPER ENERGY 0.0909090909091 0.36 584.4M Aust
ELK ELK PETROLEUM 0.0571428571429 0.074 103.5M US
GBP GLOBAL PETROLEUM 0.030303030303 0.034 6.5M Africa
OEX OILEX 0 0.004 7.5M Aust Asia
TMK TAMASKA OIL & GA 0 0.003 5.9M US
EMP EMPEROR ENERGY 0 0.003 2.7M Aust
FDM FREEDOM OIL AND 0 0.3 282.2M US
JKA JACKA RESOURCES 0 0.002 921.7k Africa
PSA PETSEC ENERGY 0 0.105 34.0M US
SSN SAMSON OIL & GAS 0 0.002 4.9M US
NEW NEW ENERGY SOLAR (listed Dec 2017) -0.0442176870748 1.405 468.5M Aust
CUE CUE ENERGY RES -0.0555555555556 0.068 47.5M Aust Asia
AJQ ARMOUR ENERGY -0.06 0.094 36.9M Aust
BUL BLUE ENERGY -0.0967741935484 0.14 144.4M Aust
SEA SUNDANCE ENERGY -0.105263157895 0.068 432.7M US
ICN ICON ENERGY -0.107142857143 0.025 14.9M Aust
EOR ENHANCED OIL & G -0.111111111111 0.008 7.9M Asia
AVD ANTILLES OIL AND -0.130434782609 0.02 3.3M US
BUY BOUNTY OIL & GAS -0.142857142857 0.006 5.7M Aust
MEL METGASCO -0.173913043478 0.057 22.7M Aust
IPB IPB PETROLEUMI -0.181818181818 0.009 1.4M Aust
AOW AMERICAN PATRIOT -0.2 0.028 6.9M US
KPL KINA PETROLEUM -0.252631578947 0.071 27.2M Asia
REY REY RESOURCES -0.254237288136 0.22 46.7M Aust
WBE WHITEBARK ENERGY -0.272727272727 0.008 6.9M Aust
TPD TALON PETROLEUM -0.285714285714 0.005 5.1M US
ABL ABILENE OIL AND -0.3 0.007 2.8M US
JPR JUPITER ENERGY -0.32 0.068 10.3M Asia
MAY MELBANA ENERGY -0.333333333333 0.01 18.3M US
TEG TRIANGLE ENERGY -0.344 0.082 17.2M Aust
HE8 HELIOS ENERGY -0.394366197183 0.043 60.8M US
WOF WOLF PETROLEUM -0.6 0.008 5.5M Mongolia
WEL WINCHESTER ENERG -0.65 0.035 10.3M US
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