Up 3.6% on the day
The US asked allies to cut import of Iran oil to 0 by November 4th or face sanctions. That sent the price of crude up to a high of $70.64. The contract settled at $70.53 up $2.45 or 3.6%.
The price reached the highest level since May 25th.
The rise today sent the price above last week's highs at $69.38-44 and the April 2018 high at $69.56. The high price for the year reached $72.83 in May and remains the next target for the contract.
