Oil briefly tops $75 a barrel

pulse

April 24, 2018 1:56 PM

Oil prices briefly hit fresh three year highs early Tuesday on worries that President Donald Trump could pull out of the Iran nuclear deal.

Brent crude oil topped $75 a barrel.
Prices inched lower around 8:30 a.m. ET.

Oil prices briefly surged to fresh three-year highs Tuesday morning before falling again.

Brent, the international benchmark, surged as high as $75.27 a barrel overnight — a level not seen since 2014. By 8:30 a.m. ET, it had slipped more than 1% to $74.15. West Texas Intermediate rose to $

falling crude inventories will pull out of the Iran nuclear deal.

Additionally, Saudi Arabia is reportedly targeting prices as high as $100 a barrel. That's widely seen as a signal that OPEC will continue production cuts after they expire at the end of the year.

But other members of the cartel have recently suggested otherwise, which could be dampening prices. Iran's oil minister told reporters Monday that OPEC may not have to extend the deal if prices keep surging.

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