Oil prices rose more than 2 per cent on Wednesday, with Brent hitting a 3-1/2-year high, after US President Trump abandoned a nuclear deal with Iran and announced the “highest level” of sanctions against the OPEC member amid an already tight market.
Ignoring pleas by allies, US President Donald Trump on Tuesday pulled out of an international nuclear deal with Iran that was agreed in late 2015, raising the risk of conflict in the Middle East and casting uncertainty over global oil supplies.
