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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The agenda: Oil hits highest since late 2014 . The oil price has been driven to its highest level in three and a half years after Donald Trump ignored the pleas of European allies and pulled America out of the Iran nuclear deal .

Amid plenty of volatility, anticipation that the Iran deal is toast is one of the key reasons oil prices have hit their highest levels since late 2014 . If Trump reimposes some form of sanctions on Iran , OPEC’s third-largest member could cut oil production, restricting supply.

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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All the latest news. Related: Iran deal : Trump breaks with European allies over 'horrible, one-sided' nuclear agreement. the U.S. will reimpose all sanctions waived under the 2015 landmark agreement, he said, calling it “defective at its core.”

On Monday, oil prices jumped to their highest level since late 2014 , with WTI jumping above per barrel for the first time in years. Oil gave up some of those gains on Tuesday morning as various media outlets confused the markets with contradictory statements

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 3 percent on Wednesday, hitting 3-1/2-year highs, after US President Donald Trump abandoned a nuclear deal with Iran and announced the “ highest level ” of sanctions against the OPEC member.

* Trump pulls out of Iran nuclear deal ; most allies oppose move * Benchmark Brent oil jumps to above , highest since 2014 * US sanctions likely to cut Iran oil supplies next year * Buyers seek alternatives to Iranian crude * Saudi Arabia says may work to lessen market impact.

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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