 "Crude oil prices have firmed up since Opec’s November 2016 agreement to cut production by 1.2 million barrels per day")
US oil rose above $70 a barrel for the first time since November 2014 as traders braced for a re-imposition of US sanctions on Middle East crude producer Iran.
Futures in New York and London jumped as much as 1.4 percent. While President Donald Trump has threatened he’ll pull out of a deal between Iran and world powers as a May 12 deadline nears, he’s signaled he’ll be open to negotiation. The 2015 accord eased sanctions on OPEC’s third-largest member in exchange for curbs on its nuclear program, and renewed American measures may stifle the Middle East nation’s crude exports.
Iran has
