Oil price jumps to 2014 highs as Trump abandons Iran nuclear deal

Up 2.8% to $77 a barrel

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

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

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, ...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Commodities

David Coombs, head of multi-asset at Rathbones Unit Trust Management

Rathbones' Coombs: Multi-asset funds 'called it right' but unable to combat hardship

Rathbone Multi-Asset Strategic Growth

clock 05 August 2022 • 3 min read
Lee Robinson, founder and CIO, Altana Weath
ESG

Carbon trading: the big long

Time for a different hedge

Lee Robinson
clock 05 August 2022 • 4 min read
The Big Picture: What were the biggest stories from July?

The Big Picture: What were the biggest stories from July?

Recapping the top stories

James Baxter-Derrington
clock 04 August 2022 • 1 min read
Trustpilot