Oil jumps on US Iran decision

Oil prices jumped almost 3% after the U.S. decision to reinstate sanctions on Iran that had been waived under the international agreement to limit its nuclear program. U.S. light crude rose to $70.76, the highest since late 2014, Reuters says. President Trump, in announcing the decision on Tuesday, indicated America would bring back into force those penalties requiring other countries to reduce Iranian oil imports or risk U.S. restrictions on their banks. Inveighing against the world’s “leading state sponsor of terrorism,” Trump said that the 2015 accord with Iran “didn’t bring peace and never will.”