Oil price tops $77 after US withdrawal from Iran deal

ArticleEnergyMay 10, 2018 - 6:35:23 AM

The price of crude oil has risen to an almost three-year high, following US President Donald Trump's unilateral decision.

The price of crude oil has risen to an almost three-year high, following US President Donald Trump's unilateral decision to withdraw from the Iran nuclear deal, as well as bullish US crude inventory numbers.

Trump announced the return of a raft of sanctions against the Iranian regime within the next 180 days unless a new, alternative agreement is reached, in a move which will dramatically impact the supply side of the oil market.

Brent futures rose 2.7 percent on the geopolitical news, to $76.87 per barrel, but topped out at $77.43 earlier in the day before meeting resistance. Meanwhile West Texas Intermediate (WTI) futures rose 2.6 percent to $70.85 per barrel…

Source:RT.com