Oil rises after Washington announces its abandonment of the Iran agreement

Media IN 09/05/2018
Oil prices jumped more than 2 percent on Wednesday to hit a three-and-a-half-year high after US President Donald Trump abandoned a nuclear deal with Iran and declared the highest level of sanctions on the oil-producing country.
Brent crude futures hit their highest level since November 2014 at $ 76.75 a barrel. The price was $ 76.52 a barrel at 06:28 GMT, up $ 1.67, 2.2 percent from the previous close.
US crude <LCOc1> rose $ 1.43 a barrel, or 2.1 percent, to $ 70.49, near highs it has not seen since late 2014.

China, the largest single buyer of Iranian oil, saw crude futures in Shanghai hit their highest in dollars since they were launched
In late March, exceeding $ 73.20 a barrel.
Analysts attributed the strong rise in prices to the expected decline in Iranian oil exports.