Crude oil prices on Tuesday climbed to their highest level in three weeks amid concerns that the U.S. could withdraw from the Iranian nuclear deal in addition to fears that rising tensions in the Middle East could hinder security of crude supply.
International Brent crude traded as high as $67.88 per barrel, with a 2.8 percent daily gain, to mark its highest level since Feb. 26, according to official data.
American benchmark West Texas Intermediate climbed as much as $63.98 a barrel, a 3.1 percent gain for the day, to reach its highest level since Feb. 27.
The jump in oil prices came after rising worries that President Donald Trump could withdraw the U.S. from the historic nuclear deal with Iran and impose sanctions on the country, which would negatively impact Tehran's ability to export crude oil and oil products into the global market.
“The Iran deal is coming up. It’s probably another month or so, and you’re going to see what I do ... Iran has not been treating that part of the world or the world itself appropriately. A lot of bad things are happening in Iran,' Trump told reporters in the White House.
While hosting Saudi Arabia Crown Prince Mohammed Bin Salman in the White House on Tuesday, Trump held up a board in the Oval Office titled “$12.5 Billion in Finalized Sales to Saudi Arabia.'
The U.S.' increasing arms sales to Saudi Arabia has raised concerns that tensions between the Kingdom and Iran could threaten the security of crude oil and oil products supply from the region, according to experts.
During his visit to Riyadh in May 2017, Trump signed a weapons deal with Saudi Arabia worth $110 billion, with options of $380 billion over the next 10 years.
By Ovunc Kutlu in New York
Anadolu Agency
energy@aa.com.tr