TOKYO -- U.S. President Donald Trump's announcement on Tuesday that his country will withdraw from a nuclear agreement with Iran has triggered expectations for a surge in oil prices. Concerns are emerging that reimposing economic sanctions on Iran will hamper the Middle Eastern country's exports of crude, causing a supply shortage.
The Brent crude futures price touched the highest level since November 2014 on Wednesday, at $77.20 a barrel. Prices could rise further if major Asian consumers like China, India and Japan rush to procure supplies from alternative producers, potentially creating a head wind for the region's economies.
