Brent crude rises after Trump pulls US from Iran nuclear deal

Brent crude is currently trading at US$76 a barrel – its highest since 2014 – after US President Donald Trump revealed his decision to pull the US of the current nuclear containment deal with Iran.

The latest 2.2% rise in Brent crude to $76.47 caps a volatile 24-hour period for the commodity, which had previously fallen by as much as 4% as the global trading market waited with bated breath for Trump’s decision.

US marker West Texas Intermediate has also been lifted by 2.1% to $70.51 following the news, likewise taking it close to a three and a half year high.

In a televised address, Trump declared his decision to pull the US from the historic nuclear containment deal with Iran that was reached in 2015 after 13 years of negotiation between Iran and several Western powers, including the UK and France, as well as China and Russia.

Under the deal Iran agreed to limit its uranium enrichment levels until 2031, while in return economic sanctions imposed by the West were lifted, allowing Iran to resume selling oil across international markets.

However, in his address Trump said: “[The deal is a] horrible, one-sided deal that should have never, ever been made.” He also said he would reimpose the economic sanctions that were lifted in the 2015 deal.