Oil rises as Trump tells buyers to cut back on Iranian crude

Bloomberg | Grant Smith and Jessica Summers
With President Trump’s recent decision to withdraw from the Iran deal, oil prices rose to a three year high.
Oil rose to a three-year high after the U.S. told buyers of Iranian crude they have six months to curb their purchases or face tough penalties. West Texas Intermediate oil for June delivery rose as much as 3.1 percent to $71.17 a barrel on the New York Mercantile Exchange and traded at $70.81 at 8:58 a.m. Prices settled 2.4 percent lower on Tuesday. Total volume traded Wednesday was about 61 percent above the 100-day average.

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