Rising oil prices just passed another milestone, jumping above $70 per barrel in Monday morning trade in Asia. Oil prices have been climbing partly because of expectations that President Donald Trump will abandon the 2015 Iran nuclear deal, which allowed Iran to export more crude. "The focus of oil markets is currently on the US president's pending decision on the fate of the Iran nuclear deal," said Victor Shum, an oil industry analyst at research firm IHS Markit. Related: Oil markets brace for Trump to kill Iran dealUS oil prices have gained more than 16% since the start of the year. "We'll see what happens," Trump said last week about his decision on the Iran deal.

Source: CNN May 07, 2018 03:12 UTC