Oil briefly tops $75 a barrel before dropping on hope for Iran nuclear deal

pulse

April 24, 2018 2:06 PM

Oil prices briefly hit fresh three year highs early Tuesday before dropping more than 2.5%.

Brent crude oil topped $75 a barrel.
Prices plummeted by 2:15 p.m. ET, with Brent falling more than 2.50%.

Oil prices briefly surged to fresh three-year highs Tuesday morning before plunging more than 2.5%.

Brent, the international benchmark, surged as high as $75.27 a barrel overnight — a level not seen since 2014. By 2:15 p.m. ET, it had slipped more than 2.60% to $. West Texas Intermediate rose to $

falling crude inventories will pull out of the Iran nuclear deal.

But Trump, alongside French President Emmanuel Macron, told reporters Tuesday afternoon that it's possible a deal could be reached "

Additionally, Iran's oil minister told reporters Monday that OPEC may not have to extend production cuts — which expires at the end of the year — if prices keep surging. That would mean more oil could pour into the market as soon as January 2019, a prospect that's further dampening prices.

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