Oil Prices Rise To 2014 Highs On NAFTA Deal, Iran Sanctions

Oil futures jumped more than $2 a barrel on Oct. 1, rising to levels not seen since November 2014, as U.S. sanctions on Iran loom and a North American trade deal fosters growth.

Brent futures settled at $84.98 a barrel, up $2.25, or 2.7%. In post-settlement trade, the contract continued to strengthen, rising to $85.45 a barrel, the first trade above $85 since November 2014. U.S. light crude futures were up $2.05 a barrel at $75.30, the highest since November 2014.

The U.S. and Canada forged a deal on Sept. 30 to salvage the North American Free Trade Agreement (NAFTA), a trilateral pact with Mexico.