MTECHTIPS;-Crude Oil Prices Settle Higher on Renewed Expectations for US

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MTECHTIPS;-Crude Oil Prices Settle Higher on Renewed Expectations for US Sanctions on Iran

MTECHTIPS- Crude oil prices settled slightly higher amid renewed expectations for the U.S. to pull out of the Iranian nuclear deal which would cripple the country’s output reducing global supplies. On the New York Mercantile Exchange crude futures for June delivery rose 14 cents to settle at $68.19 a barrel, while on London’s Intercontinental Exchange, Brent rose 1.01% to trade at $74.75 a barrel. Investor expectations for new U.S. sanctions grew after French President Emmanuel Macron said on Wednesday that he expected U.S. President Donald Trump to pull out of a deal with Iran reached in 2015. If Trump does scrap the deal, it could lead to the re-imposition of secondary sanctions on Iran, pressuring countries to reduce their purchases of Iranian crude, denting global supplies. This comes just a few days after Trump signalled on Tuesday that U.S. and France were close to reaching an agreement to preserve the Iran nuclear deal. Trump will decide by May 12 whether to restore U.S. sanctions on Iran. Bullish bets on rising Middle East geopolitical uncertainty disrupting global supplies has propelled crude oil prices above three-year highs despite ongoing U.S. oil expansion

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