Oil breaks through $75 as Trump labels Iran nuclear deal 'insane'

Highest since November 2014

Tom Eckett
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President Trump. Photos: iStockphoto/Gage Skidmore/Flickr/Creative Commons CC BY-SA 2.0
Image:

President Trump. Photos: iStockphoto/Gage Skidmore/Flickr/Creative Commons CC BY-SA 2.0

Oil prices hit $75 a barrel, their highest level since November 2014, on Tuesday after US President Donald Trump called the Iran nuclear deal "insane" adding to fears the US could impose further sanctions on the nation.

Brent Crude spiked to $75.5 a barrel before falling back below the $75 barrier while West Texas Intermediate (WTI) traded as high as $69.4 a barrel. They are currently trading at $73 and $67.8 a barrel respectively. A rise in geopolitical tensions has been the main driver of prices in recent times with concerns mounting over whether the Trump administration will withdraw from the 2015 nuclear deal, which he called "insane" yesterday, and return to sanctions, a decision which needs to be made by 12 May. Mounting tensions between the US and Syria following an alleged chemical attack fro...

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