Oil hits $US71 a barrel on Trump’s escalating Iran threats
Alex Longley and Yongchang Chin
New York | Brent crude futures hit $US71 a barrel for the first time since September after US President Donald Trump warned Iran to make a nuclear deal or face military strikes.
The global oil benchmark was 4.9 per cent higher to $US71.75 at 9.49am in New York, while US counterpart West Texas Intermediate was 4.8 per cent higher to $US66.27. Brent Crude had pared its advance to 3.1 per cent to $US70.51 at midday.