The oil market is bracing for the impact of new US sanctions on major producer Iran as Donald Trump looks set to scrap the “terrible” nuclear deal signed with the country in 2015.
The US President has until May 12 to decide whether to ditch the landmark deal which reined in Iran’s nuclear programme in return for sanctions crippling its economy being lifted.
Fears that sanctions could squeeze supply from the fifth largest oil producer in the world have lifted oil prices above $75 per barrel, their highest level since 2014. The Telegraph
