Oil Rises as Trump Threatens Iranian Crude If Nuclear Deal Fails

Oil continued to rebound from the year’s lows as US President Donald Trump threatened to ramp up sanctions against Iranian crude if a nuclear deal with the OPEC member isn’t reached.

West Texas Intermediate advanced 2.8% to settle near $64 a barrel, bringing its recovery from this year’s lowest closing price to more than 11%. Trump told an audience in Saudi Arabia that the US will exert maximum pressure on Iranian energy exports if an agreement isn’t reached. The US State Department said earlier that it’s sanctioning a network that helps ship Iranian crude oil to China.