Crude has experienced its longest weekly gain streak in over a year due to tightening global oil supplies and Fed tightening predictions.

West Texas Intermediate reached $80 a barrel, marking a rebound from last year’s losses.

Saudi Arabia and Russia are limiting shipments, and Standard Chartered and UBS expect global balances to tighten in the coming months.

Supply tightness is evident, with inventories at Cushing’s storage hub dropping by 7.5 million barrels.

Russia’s seaborne movements have reached their lowest level since November.

Equities markets have hit yearly highs, while Chinese stimulus and the Federal Reserve’s rate hikes have strengthened global demand.