Oil prices above $70 since 2014

Washington, May 7 Rising oil prices just passed another milestone, jumping above $70 per barrel on Monday for the first time since November 2014.

Oil prices have been climbing partly because of expectations that US President Donald Trump will abandon the 2015 Iran nuclear deal, which allowed Tehran to export more crude, reports CNN.

Prices have also gotten a lift from strong global demand and supply cuts by OPEC and Russia.

US oil prices have gained more than 16 per cent since the start of the year.