Economics
Oil Jumps as Supplies Shrink, Trump Seeks Curbs on Iranian Crude
- Market assesses scenarios for sanctions against Islamic nation
- U.S. crude inventories shrink by the most since late March
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Crude surged past $71 for the first time since 2014 as American stockpiles shrank and the U.S. told crude buyers to curb purchases from Iran.
Futures in New York climbed 3 percent the day after U.S. President Donald Trump’s said he’s withdrawing from the deal that allowed the OPEC producer to boost exports, and pledged new sanctions. At the same time, a U.S. government report showed the biggest crude inventory drop since March.