Published On: Mon, May 7th, 2018

WTI oil rises above $70 a barrel on U.S.-Iran sanctions

NEW YORK - Crude futures in New York topped $70 a barrel for the first time since November 2014 as traders brace for a re-imposition of U.S. sanctions on Iran that risks disrupting exports from OPEC’s third-largest producer.

Oil has rallied 16 percent so far this year as OPEC and allied producers crimp a global glut and geopolitical risks multiply in the Mideast region that’s home to almost half the world’s crude.

oil rise

Source: Bloomberg

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