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Money Oil prices hit highest level since late 2014 after Trump scraps Iran deal

11:15  10 may  2018
11:15  10 may  2018 Source:   pressassociation.com

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Oil prices gave up their gains on Monday after surging to their highest levels since late 2014 , falling from above a barrel after President Donald Trump said he'd announce his decision on the Iran nuclear deal on Tuesday. The president said he will make an announcement on Tuesday at 2 p.m. ET.

Oil hits but Iranian rial tumbles after Trump quits nuclear deal - as it happened. Crude oil prices rose to three-and-a-half-year highs following the news that the Trump administration In the US inventory levels are now below the five-year average. “There’s a broad consensus that [supplies

Oil prices hit highest level since late 2014 after Trump scraps Iran deal © Provided by The Press Association Oil prices hit highest level since late 2014 after Trump scraps Iran deal

Oil prices surged to their highest level since 2014 as US President Donald Trump’s plans to scrap the Iran deal raised the possibility of locking one of the biggest crude producers out of the market.

Brent crude rose as high as 77.16 US dollars per barrel in morning trading, and were up nearly 1.2% near midday at 76.79 US dollars.

It marked the highest level in nearly three-and-a-half years.

Investors were reacting to Mr Trump’s announcement that he is pulling the country out of the Iran nuclear deal, which was struck during Barack Obama’s presidency and allowed sanctions against the oil-producing nation to be lifted.

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Oil prices finished Wednesday's session at new 3½-year highs after President Trump abandoned a Brent crude oil also touched its highest since November 2014 at .43 on Wednesday. In China, the biggest single buyer of Iranian oil , Shanghai crude futures hit their strongest in dollar terms since

Oil prices rose sharply on Wednesday, hitting 3-1/2-year highs, after U.S. President Trump abandoned a nuclear deal with Iran . The contract topped out at .36 on Wednesday, the highest intraday level since November 2014 . Brent crude oil also touched its highest since November 2014

It saw Iran agree to cut all its stores of key components for nuclear weapons.

But Mr Trump said the deal was was one-sided and poorly negotiated in a way that would allow Iran to still be on the brink of acquiring a nuclear weapon even if it fully agreed with the terms.

Watch: 'Oil prices to rise' (Bloomberg)


AJ Bell investment director Russ Mould said: “Oil traders may have seen President Trump’s decision to withdraw the US from the 2015 nuclear sanctions coming from some distance away, but confirmation of the move and American plans to exclude Opec’s third-biggest producer from global markets is still giving a fresh lift to the price of crude.”

Trump Tells Macron the U.S. Will Withdraw From Iran Nuclear Deal

  Trump Tells Macron the U.S. Will Withdraw From Iran Nuclear Deal President Trump’s decision, while long anticipated and widely telegraphed, plunges America’s relations with European allies into deep uncertainty. They have committed to staying in the deal, raising the prospect of a diplomatic and economic clash as the United States reimposes stringent sanctions on Iran.It also raises the prospect of increased tensions with Russia and China, which also are parties to the agreement.The decision fulfills one of Mr.

Oil prices rose more than 2 per cent on Wednesday, climbing to near 3-1/2 year highs, after U.S. President Trump abandoned a nuclear deal with Iran and announced the Brent crude futures gained Wednesday morning; the session high of .43 a barrel was the highest since November 2014 .

LONDON: Oil prices rose more than 3 percent on Wednesday, hitting 3-1/2-year highs after U.S. President Trump abandoned a nuclear deal with Iran and announced the “ highest level ” of sanctions against the OPEC Brent crude oil touched its highest since November 2014 at .20 a barrel.

It also lifted the likes of FTSE 100 oil producers BP and Royal Dutch Shell, which were up more than 2.1% each, with BP hitting its highest level since April 2010.

David Cheetham, chief market analyst at online broker xtb, said: “Both these firms have seen their share price rise to its highest level in several years this morning and if the price of oil continues to rise on the tensions in the Middle East, then there could be more upside to come.

“The gains have boosted the broader index with the FTSE 100 close to its highest level since January.

“The oil and gas sector accounts for roughly one-sixth of the benchmark, and the recent gains in this area are lifting the whole index.”

On the FTSE 250, Tullow Oil and Cairn Energy were among the biggest risers – up 4% and 3.6% respectively.

Petrol prices highest for three-and-a-half years .
Motorists are paying the highest fuel prices for three-and-a-half years prompting many to cut back on car use or other spending, according to figures from the AA. The motoring organisaton said average petrol prices had jumped to just over 126p per litre this week and diesel to just below 129p, both the steepest price since October 2014.That was up from 121p and 124p in mid-April.It comes after the price of Brent crude oil climbed above $80 a barrel this week for the first time since November 2014, amid some predictions that it will go up to $100.

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