Oil pares monthly gain as US rigs offset Iran-deal risk

Oil surged to levels last seen in 2014 as issues including the conflict in Syria and tensions between Saudi Arabia and Iran-backed rebels in Yemen stoked concerns over supply disruptions

Oil fell as the US oil rig count rose for a fourth week, but was still poised for a second monthly advance. Futures in New York are up 3.8 per cent this month, even after a 1 per cent drop on Monday, following data that showed an increase in US drilling activity. The dollar acted as a further headwind, rising 0.4 per cent. US President Donald Trump faces a May 12 deadline to decide whether to remain part of a 2015 multinational nuclear deal with Iran, or to leave and reimpose sanctions on the Middle Eastern producer.

Oil surged to levels