Oil rises over USD 70 as market awaits Trump Call on Iran sanctions

US oil prices soar above USD 70 per barrel as traders wait for Trump's decision on Iran sanctions. Oil futures on exchanges in London and New York increased by as much as 1.4 percent.

Photo: Ritzau Scanpix/Nicholas Kamm

US oil rose above USD 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 to pull out of a deal between Iran and world powers as a May 12 deadline nears, he has signaled he will 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.

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