Oil at $75 as Iran sanctions fears mount
LONDON 24 Apr (ANA) - Oil prices hit $75 on Tuesday, the highest level in nearly three and a half years, as fears mount over the prospect of new US sanctions on Iran.
Brent crude jumped for the sixth consecutive day, trading as high as $75.27 before falling back slightly.
The US will decide by 12 May whether to abandon a nuclear deal with Iran and re-impose sanctions.
Such a move on the third-biggest oil producer in the Opec cartel threatens to further tighten global supplies.
Oil prices have been rising since the 14 nations in Opec, as well as other producers including Russia, decided to restrict output last year.
In November they agreed to extend those cuts until the end of 2018.
Tamas Varga of oil broker PVM said the prospect of President Trump pulling the US out of the nuclear accord that Iran signed with world powers in 2015 was the most significant element of Brent's recent rally.
"All bets are off on the US staying in the nuclear agreement," he said.
The US president has said that unless European allies fix what he has called "terrible flaws" in the accord by 12 May, he will restore US economic sanctions on Iran.
The other nations that signed the deal - the UK, France, Germany, Russia and China - all want to keep in place the agreement, which has halted Iran's nuclear programme in return for most international sanctions being lifted.(ANA)
FA/ANA/24 April 2018-----
