Oil Hits 3-1/2-year High After US Quits Iran Deal | Today Commodity Market News Outlook 10 May 2018.



Bullion - Opens on positive Note Gold -31350-31355 Silver - 40115-40130 

Energy - Opens on mixed Note Crude Oil - 4830-4840 Natural Gas -184.60-184.80 

Base Metals - Opens on mixed Note Copper -459.20-459.50 Nickel -934-935 Lead -154.90-155 Zinc - 208-208.30 Aluminium -158-158.30



Oil prices rose more than 3 percent on Wednesday, hitting 3-1/2-year highs, after U.S. President Trump abandoned a nuclear deal with Iran and announced the "highest level" of sanctions against the OPEC member.

Ignoring pleas by allies, Trump on Tuesday pulled out of an international agreement with Iran that was agreed in late 2015, raising the risk of conflict in the Middle East and casting uncertainty over global oil supplies at a time when the crude market is already tight.

Brent crude oil touched its highest since November 2014 at $77.20 a barrel. The benchmark contract was up $2.00 a barrel, or more than 2.6 percent, at $76.85 by 0930 GMT.


U.S. light crude was up $1.90 a barrel, or almost 2.8 percent, at $70.96, near highs also last seen in late 2014.

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