Global Markets

Oil prices surge as Trump scuttles Iran nuclear deal

The US president’s decision to reimpose sanctions on Iran has already sent oil prices spiralling The US president’s decision to reimpose sanctions on Iran has already sent oil prices spiralling.
By Peter Stewart 9 May 2018 0 30773
Trump presents his signature on ending the Iran nuclear deal US President Donald Trump has pulled his country out of the Iran nuclear deal. (PA)

Oil prices surged to 41-month highs after United States President Donald Trump tore up the July 2015 nuclear agreement with Iran on Tuesday. 

North Sea Brent crude oil futures traded as high as $77.20 per barrel on Wednesday, while the corresponding US benchmark West Texas Intermediate reached $71.17/bbl after Trump announced he would withdraw the US from the Joint Comprehensive Plan of Action (JCPOA) drawn up by the five permanent members of the UN Security Council and Germany. The move was widely expected, as Trump had...