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Crude Nears $70 With Traders on Edge Ahead of Iran Deal Decision

  • U.S. benchmark crude has climbed 15 percent so far this year
  • Sanctions on Iran may lead to disruption of oil exports
Crude Oil Shipments In The Persian Gulf
Photographer: Ali Mohammadi/Bloomberg
Updated on

Oil futures in New York zeroed in on $70 a barrel as traders brace for a re-imposition of U.S. sanctions on Iran.

Prices jumped 1.9 percent on Friday to close at the highest level since November 2014. Even though U.S. President Donald Trump has yet to announce whether he’ll pull out of the 2015 Iranian nuclear deal as a May 12 deadline nears, American officials already are positioning for post-accord negotiations. New sanctions could disrupt crude exports from OPEC’s third-largest producer. A rally in equities also pulled oil higher.