Oil prices hit 3-1/2-yr high

Source: The Hitavada      Date: 10 May 2018 08:59:40



OIL prices rose more than 2 per cent on Wednesday, with Brent hitting a 3-1/2-year high, after the US President, Donald Trump abandoned a nuclear deal with Iran and announced the “highest level” of sanctions against the OPEC member.

Ignoring pleas by allies, Trump on Tuesday pulled the United States out of an international nuclear deal with Iran that was agreed in late 2015, raising the risk of conflict in the Middle East and casting uncertainty over global oil supplies amid an already tight market.

Brent crude oil futures at one point touched their highest since November 2014 at $76.75 per barrel. They were still at $76.52 per barrel at 0628 GMT, up $1.67, or 2.2 per cent, from their last close. The US West Texas Intermediate (WTI) crude futures were up $1.43 per barrel, or 2.1 percent, at $70.49 a barrel, near highs also last seen in late 2014.