Brent crude futures rose above $80 a barrel for the first time since early May amid signs of tightening supplies and slower-than-expected US inflation.

Prices have climbed since OPEC+ heavyweights Saudi Arabia and Russia pledged even more output reductions in an effort to rebalance the market. Russian crude production is now showing signs of dropping, with average shipments falling below February averages.

Futures rose as much as 0.8% in London and were last at $79.95 a barrel.