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Oil pops above $70 US for first time since 2014

Last Updated May 7, 2018 at 8:32 am MST

(Pixabay)

For the first time in nearly four-years, oil is trading above $70 US.

The last time prices were this high was November, 2014.

Crude prices have been climbing recently, in part, because there are expectations US President Donald Trump will abandon the 2015 Iran nuclear deal.

The agreement allows Iran to export more than 1-million barrels per day.

While restoring sanctions on the mid-east nation could disrupt global markets, it’s widely believed the immediate impact on prices would be short lived.