Crude Oil Prices Spike as Netanyahu Alleges Iran Still Trying to Develop Weapons

Investing.com – Crude oil prices jumped as the prospect of new U.S. sanctions against Iran heated up after Israeli Prime Minister Benjamin Netanyahu revealed files he claimed show Iran continued to develop nuclear weapons.

On the New York Mercantile Exchange for June delivery rose 1.20% to $68.92 a barrel, after hitting an intraday high of $69.33 a barrel. While on London’s Intercontinental Exchange, rose 1.73% to trade at $75.07 a barrel.

Netanyahu on Monday, citing documents obtained from a “highly secret location” in Iran, claimed Tehran ran a secret program to build nuclear weapons, violating the terms of the Iran nuclear deal that had lifted sanctions on the country in 2015.

This comes less than two weeks before U.S. President Donald Trump is set to decide on May 12 whether to restore U.S. sanctions on Iran.

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