Oil prices rose more than 2% on Wednesday, with Brent hitting a 3-1/2-year high, after US President Trump abandoned a nuclear deal with Iran and announced the “highest level” of sanctions against the OPEC member amid an already tight market. Brent crude oil futures at one point touched their highest since November 2014 at $76.75 per barrel. Analysts said the soaring prices were the result of an expected fall in Iranian oil exports. Oil prices could rise at least $10 (a barrel), with Brent approaching near $90,” Akuta said. All key crude oil futures contracts saw traded volumes jump as speculators took on new positions in the hope of profiting from rising prices while refiners hedged to protect themselves from higher feedstock oil prices.

Source: Dhaka Tribune May 09, 2018 09:11 UTC