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The Independent UK
The Independent UK
Business
Karl Matchett

Oil prices jump as new Trump tariff threats placed on Iran trade partners

Iran Donald Trump Oil United States Susannah Streeter Trump Administration Wealth Club

The price of oil has spiked to its highest level since November, in the wake of Donald Trump placing an immediately effective 25 per cent tariff on all nations “doing business with the Islamic Republic of Iran“.

Brent Oil futures are trading at more than $64.50 (£47.85) on Tuesday as of 9am GMT, following a spike of over 1 per cent across the past 24 hours. Futures last traded above $65 two months ago, before falling as low as $59 in mid-December.

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