Oil Prices Jump as Trump's Iran Deadline Looms

Oil prices rose sharply on Tuesday. This comes just one day before a key deadline set by U.S. President Donald Trump on the Iran nuclear deal. The international benchmark, Brent crude futures, increased by 1.5 percent. It reached $111.40 per barrel. The U.S. benchmark, West Texas Intermediate (WTI) crude, also rose to $115.30. President Trump has threatened to withdraw the United States from the 2015 nuclear agreement. He has set a May 12 deadline for European allies to "fix" the deal. Market analysts say traders are buying oil because they fear new U.S. sanctions on Iran. Sanctions could disrupt global oil supplies from the major producer. The price move indicates significant market anxiety. The final decision from the White House is expected by Saturday.