US oil prices rose above $70 a barrel today for the first time since November 2014 over a looming decision on whether the United States will walk away from a deal with Iran and instead re-imposes sanctions on Tehran, keeping international oil markets on edge.
Brent crude oil futures were at $75.59 per barrel at 0546 GMT, up 72 cents, or 1%, from their last close after climbing to $75.89 a barrel earlier in the session, their highest since November 2014, Reuters reported.
US West Texas Intermediate (WTI) crude futures rose 62 cents, or 0.9%, to $70.34 per barrel, up 66 cents from their last settlement. Monday was the first time since November 2014 that WTI rose above $70 per barrel.
Expressing doubts over Iran’s sincerity, Trump has threatened to walk away from the 2015 agreement by not extending sanctions waivers when they expire on May 12, which would likely result in a reduction of Iran’s oil exports.
