Oil prices rise to a record high since late 2014

Islamic Republic News Agency (IRNA) quoted Reuters as reporting that U.S. West Texas Intermediate (WTI) crude futures rose $ 1.01, or 1.5 percent, to settle at $ 70.73 a barrel. This was the first time since November 2014 that WTI had climbed above $ 70. Brent crude futures jumped $ 1.30, or 1.7 percent, to settle at $ 76.17 a barrel.

Analysts blame heightening political and economic crises in Venezuela for the surge in oil prices. Approach of a deadline set by the United States to announce its stance on the 2015 Iran nuclear deal is seen as among the factors affecting the international oil markets.

U.S. President Donald Trump said a decision on whether to remain in the Iran nuclear deal or to impose sanctions would be announced at 2:00 p.m. EDT (1800 GMT) on Tuesday, four days earlier than expected.

Since the time of his presidential campaigns, Trump has time and again threatened to scrap the deal officially known as the Joint Comprehensive Plan of Action (JCPOA) but he has not yet materialized his threats due to consensus among world countries to support the JCPOA.

Leaders and senior officials of Europe including French President Emmanuel Macron and German Chancellor Angela Merkel visited Washington last weeks to persuade Trump to stay in the deal.

UK Foreign Secretary Boris Johnson is now in Washington for talks with American officials.

Analysts predict that contrary to US hue and cry in recent weeks, a probable decision by the US president to quite the JCPOA will have no impact on Iran's traditional oil customers because some companies have just renewed their long term contracts with Iran for purchase of Iranian crude.
1396**1396
Follow us on Twitter @IrnaEnglish