Economic news

Oil grows fast after U.S. quits Iran nuclear deal

Prices of oil returned to maximums of around 3 and a half years today on the back of the U.S. President’s decision to abandon the Iran nuclear deal, causing concerns of renewed Middle East tensions, as well as of oil supply.

Brent futures leaped 2.5% attaining $76.75 today in Asia. WTI futures ran up to $70.62 for a barrel, 2.3% upping, quite close to Monday’s $70.84, the record high since November 2014.

It seems that geopolitical dissension affects just oil markets in the short run, but it will engulf other industries too, says Norihiro Fujito of Mitsubishi UFJ Morgan Stanley Securities.

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