Alwaght- Oil prices hiked more than 2 percent on Wednesday after Donald Trump decided to unliterary pull the US out of 2015 international nuclear deal with Iran.
According to Reuters, Brent crude oil futures at one point touched their highest since November 2014 at $76.75 per barrel. They were still at $76.62 per barrel at 0653 GMT, up $1.77, or 2.4 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were up $1.51 per barrel, or 2.2 percent, at $70.57 a barrel, near highs also last seen in late 2014.
Ignoring pleas by allies, the American president announced his decision on Tuesday to withdraw from the landmark agreement, also known as the Joint Comprehensive Plan of Action (JCPOA).
Under the JCPOA, Iran undertook to put limits on its nuclear program in exchange for the removal of nuclear-related sanctions imposed against it.
Trump has described the deal, which was negotiated under his predecessor, Barack Obama, as “the worst and most one-sided transaction Washington has ever entered into,” a characterization he often used during his presidential campaign, and threatened to tear it up.
The European Union, France, the United Kingdom, and Germany have expressed regret over Trump's decision about the deal.
