Oil prices continue to move higher after Trump calls off Iran deal

Let’s talk about oil this week.

President Donald Trump set off a chain reaction this week in the oil markets when he pulled out of 2015 Iran-nuclear deal and reinstated sanctions on the Middle East nation. The move prompted oil prices to move higher as investors digested the news, while energy company stocks also increased on the prospect of higher prices.

Crude oil climbed to its highest price since 2014 because Iran is the world’s fifth-largest oil producer, and reinstating sanctions will limit Iran’s ability to export oil.

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