Crude oil futures steady as premium lingers on geopolitical concerns

Iran, Venezuela concerns push US oil above $70 for first time since 2014

Expressing doubts over Iran's sincerity, Trump has threatened to walk away from the 2015 agreement by not extending sanctions waivers when they expire on May 12, which would likely result in a reduction of Iran's oil exports.

The U.S. says it is looking for allied support to force Iran into new negotiations over its nuclear weapons development and military advances in the Middle East in the aftermath of President Donald Trump's withdrawal from the 2015 worldwide pact restraining Tehran's nuclear program.

Shortly after the announcement, Treasury Secretary Steve Mnuchin indicated that licenses for Boeing and Airbus to sell aircraft and components to Iran would be revoked which will cost the two companies almost $40BN.

European oil companies could be particularly hit - French company Total signed a $5bn deal with Iran after the agreement, while BP has a joint venture to operate the Rhum gas field with Iran's state oil company. But paying Iran for the oil India buys would become hard in case European countries join the USA and impose financial sanctions and block banking channels, he said.

Asked what his country will do if Iran restarts its nuclear program, Adel Al-Jubeir told CNN's Wolf Blitzer that "we will do whatever it takes to protect our people".

"Reaching the $70 milestone gave investors a sense of accomplishment and triggered profit-taking", Satoru Yoshida, a commodity analyst at Rakuten Securities Inc., said by phone from Tokyo. It is South America's largest oil exporter and third-largest source of US imported oil.

"PTT shares might see a new high above 60 baht after it split its par price per share from 10 baht to 1 baht per unit since April 24", he said.

Gerald Bailey, president of Petroteq Energy, also expects prices will increase.

"Europe and China will not fight against the USA sanctions".

"Saudi officials want to limit Iran's oil market".

Zarif's statement puts pressure on U.S. European allies and other parties to the deal to find a way to keep it alive despite Trump's efforts to ice it, said Suzanne Maloney, an Iran analyst at the Brookings Institution.

He added that there was a "perfect storm for higher prices" owing to crude-rich Venezuela's economic woes, which have been made worse by fresh U.S. sanctions.

Exxon Mobil rose 2.4 per cent, Chevron gained 1.7 per cent, Royal Dutch Shell closed up 3.38 per cent and BP ended 3.92 per cent higher.

Verleger cited several factors in addition to the possibility of renewed sanctions on Iran, including comments by Saudi energy minister Khalid al-Falih that current prices aren't hurting demand, implying that they could go even higher.

More oil drilling in the U.S. would increase production of associated gas, which is rich in ethane and other natural gas liquids (NGLs). U.S. president Donald Trump on May 8, 2015, announced that United States will withdraw from the nuclear deal.

Trump's decision to pull out of the Iran deal has left his country diplomatically isolated.

Iran said that its uranium enrichment activities are strictly for energy generation.

"Other members of the Iran deal are going to have to make their own decision".

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