Brent Crude Futures Touches near 3 Year High

With less than two weeks remaining for the White House to conclude their review of sanctions on Iran, Israel Prime Minister Benjamin Netanyahu stated there is “new and conclusive” proof that Iran has been masking nuclear weapons activity.

The news increased the probability that the Trump Administration would vote to not extend sanctions on Iran.

In a market already under constraints due to OPEC member country and Russian output cuts, sanctions on the OPEC’s 3rd largest producer would only further tighten the market.

Today’s news pushed Brent Crude Futures, the international benchmark for oil, to an intraday high of $75.61, not seen since June 2015. Crude Oil Futures traded at $69.34 for a session high following the Prime Minister’s statement.

Brent Crude Oil Futures Chart

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