Oil Prices Break $70 Ahead of Iran Decision

Price is at highest point in 3 years as traders await President Trump's move
By Newser Editors,  Newser Staff
Posted May 7, 2018 11:46 AM CDT
A car is filled with gasoline at a station in Windham, N.H. Crude oil prices are at the highest level in more than three years and expected to climb higher, pushing up gasoline prices along the way.   (AP Photo/Charles Krupa)

(Newser) – Oil prices just busted through the $70 mark as the world awaits President Trump's decision on Iranian sanctions. The price of benchmark US crude rose 74 cents to $70.46 a barrel, the first time since 2014 the cost has exceeded $70, reports the AP. The development, which is expected to result in higher gas prices, comes as analysts await Trump's May 12 decision on whether to reimpose sanctions on Iran over the 2015 nuclear deal he sees as a failure, reports Reuters. If the US withdraws from the deal, analysts expect Iranian oil exports to fall. Also hitting oil prices was a worsening economic crisis in Venezuela. (Read more oil price stories.)

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