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Crude Oil breaks out to four year high as Iran nuclear deal remains in doubtFont size: A | A | A
10:35 AM ET 5/7/18 | Briefing.com
Crude oil futures are breaking out to a four-year high this morning. President Trump is widely expected to back out of the Iran Nuclear deal later this week. The deadline is Saturday, May 12 for President Trump to confirm the agreement stuck in 2015. President Trump has made it clear he does not like the deal. European leaders have made a concerted effort in recent weeks to convince him otherwise. Elevated tensions in the Middle East and potential disruption to Iranian oil supply put upward pressure on oil prices. June WTI Crude Oil futures are up 1% at $70.39/barrel (+0.67) while Brent Oil is up 1.2% at $75.77/barrel (+0.90).

June Natural Gas futures are up 1.7% at $2.76/MMBtu (+0.05).

Previous Metals are slightly lower as the dollar continues to rally. June gold futures are down 0.1% at $1313.80/oz (-0.90) while July silver futures are down 0.1% at $15.50/oz (-0.02).

Aluminum futures hit a two week high amid continued uncertainty regarding US sanctions that could curb supply. Aluminum is the best performing commodity this morning, up 3.1% at $2345.75 (+71).

US Wheat and coffee futures are both down 2%.