Oil pops above $70 for first time since 2014

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Rising oil prices just passed another milestone, jumping above $70 per barrel in Monday morning trade in Asia.

Oil prices have been climbing partly because of expectations that President Donald Trump will abandon the 2015 Iran nuclear deal, which allowed Iran to export more crude.

This is the first time the US crude benchmark has been above $70 since November 2014.

Prices have also gotten a lift from strong global demand and supply cuts by OPEC and Russia.

US oil prices have gained more than 16% since the start of the year.

— Matt Egan contributed to this report.

CNNMoney (Hong Kong) First published May 6, 2018: 11:10 PM ET



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