Oil prices climbed to their highest point in three and a half years last night as US President Donald Trump withdrew from the Iranian nuclear deal and reimposed the "highest level" of economic sanctions on the country.
The price of Brent Crude rose 2.8% to $77 a barrel, reaching its highest level since November 2014, while West Texas Intermediate was up 2.8% to $71 a barrel. Prices rose on concerns about future supply from Iran, which is the third-biggest exporter of crude within OPEC, behind Saudi Arabia and Iraq, according to Reuters. Trump has been a long-term critic of the nuclear deal with Iran, which was negotiated during former President Barack Obama's administration and signed at the end of 2015. But his decision to withdraw from the nuclear deal comes despite pleas from European allies, ...
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