Crude Oil Prices Could Increase After Trump’s Decision

Source: www.gulfoilandgas.com 5/9/2018, Location: Asia

The U.S. President Trump abandoned a nuclear deal with Iran that was agreed in late 2015, raising the risk of conflict in the Middle East and casting uncertainty over global oil supplies at a time when the crude market is already tight.

Also Trump announced the “highest level” of sanctions against the OPEC member.

Crude oil prices have been rising for months and could climb higher now that the United States is pulling out of the Iran nuclear deal.

Today, Oil prices rose more than 3%, hitting 3-1/2-year highs, after Trump’s decision.


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