Oil prices climbed on Monday after Israeli Prime Minister Benjamin Netanyahu revealed documents that he said proves Iran ran a secret nuclear weapons program.
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West Texas Intermediate crude spiked as high as $69.55 a barrel following Netanyahu’s remarks, which added to concern that Mideast turmoil will curtail global supply. Oil was 1.2% higher at $68.88 in recent trading, up from a session low of $67.17.
The oil market began to jump after Netanyahu’s office said he would announce a “significant development” related to the nuclear deal with Iran. President Donald Trump is facing a May 12 deadline to decide whether the U.S. will continue to waive sanctions as part of the nation’s deal with Iran, the third-largest oil producer in OPEC. Under the 2015 deal, Iran was allowed to restart oil exports.
Netanyahu said the Iranian files he revealed on Monday show how Iran was seeking to develop nuclear weapons, which the country had denied.
“I’m sure [Trump will] do the right thing,” he added, referring to the nuclear deal.