Oil prices jump over 2% after US abandons Iran nuclear deal, plans "highest level" sanctions
Iran re-emerged as a major oil exporter in 2016 after international sanctions against it were lifted in return for curbs on its nuclear programme, with its April exports standing above 2.6 million barrels per day (bpd). That made Iran the third biggest exporter of crude within the Organization of the Petroleum Exporting Countries (OPEC), behind Saudi Arabia and Iraq.
Oil prices rose more than 2 percent on Wednesday, with Brent hitting a 3-1/2-year high, after U.S. President Trump abandoned a nuclear deal with Iran and announced the "highest level" of sanctions against the OPEC member. Image source: Reuters