Crude oil WTI breaks to new yearly highs nearing $70 a barrel on Iran

• Crude oil is edging higher as the US is expected to pull out of the Iranian deal.
• Cude oil WTI is breaking new yearly highs nearing $70 a barrel.

Crude oil West Texas Intermediate is trading at around $70 a barrel up 1.85% on Friday as WTI is breaking to new yearly highs 

Crude prices continue their ascent as market participants are expecting the US to abandon the nuclear deal which would then see new economic sanctions on Iran. This could potentially hurt Iran oil output and supply globally. US President Trump said that unless the other countries involved in the deal have rectified the “terrible flaws” of the agreements he would likely pull out of the deal.  

“The fate of the Iranian nuclear deal should continue to be in focus, though the risk of the U.S. backing out of the nuclear deal should be largely priced in at this point,” said Robbie Fraser, analyst at Schneider Electric. 

Crude oil WTI 4-hour chart 

The trend is bullish and the immediate resistance is the 70.00 handle followed by 70.60 previous supply level. To the downside, resistance is seen at the 69.56 swing high and at the 69.00 figure.