US crude oil prices rose above $70 a barrel for the first time in over three years as the White House prepared to announce a decision on whether it will withdraw from the Iranian nuclear pact.
West Texas Intermediate, the US oil benchmark, reached $70.84 on Monday, up 1.6 per cent for the session and the highest level since November 2014. The North Sea’s Brent grade also reached a three-and-a-half-year high of more than $76.
US president Donald Trump said in a tweet on Monday that he would announce his decision on the Iran deal from the White House at 2pm on Tuesday. The president has repeatedly criticised the agreement between the Iranians and the US and its partners. If Mr Trump opts to reimpose sanctions on Iran it would probably entail reductions in the country’s oil exports and deliver a jolt to international markets.