Turbulence rocked the oil market after President Trump announced the United States will exit the Iran nuclear deal and impose "powerful" sanctions on the country. In volatile trading, crude oil was down 1.7%. Oil prices nearly turned positive for the day while Trump was speaking. Trump slammed the Iran nuclear deal as a "horrible, one-sided deal" that was "defective at its core." Crude oil prices settled above $70 a barrel on Monday for the first time since late 2014.

Source: CNN May 08, 2018 15:42 UTC