Oil Prices Surge Higher on Israeli Claim Against Iran

 

A claim by Israel that Iran lied in order to get the nuclear deal with the Obama administration sparked a jump in oil prices on Monday.

Futures in  New York went up seven-tenths of one percent, settling pennies short of a three year high.

The price for a barrel of West Texas Intermediate crude rose 47 cents and finished the day at $68.57.  Brent crude in London’s ICE futures exchange went up 53 cents and ended the day at $75.17  per barrel on the June contract. The Brent level was the highest since 2014. But the more-active July contract closed 90 cents higher at $74.69.

The increase came after Israeli Prime Minister Benjamin Netanyahu claimed Iran had a secret plan to build nuclear weapons.

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