Oil is closing in on $70 as the deadline for a possible US exit from the Iran nuclear deal approaches

AP Photo/Sebastian Scheiner

Israeli Prime Minister Benjamin Netanyahu presents material on Iranian nuclear weapons development during a press conference in Tel Aviv, Monday, April 30 2018.

• Oil prices rose more than 2% to as high as $69.93 a barrel on Friday.
• West Texas Intermediate hasn't hit $70 per barrel since 2014.
• Follow oil prices in real time here.

Oil prices spiked Friday, approaching fresh highs amid worries the US will reimpose hefty sanctions on Iranian barrels.

West Texas Intermediate was trading up 2.1% at $69.93 per barrel at 12:15 p.m. ET. Brent, the international benchmark, rose 1.59% to $74.85. WTI hasn't hit $70 since 2014.

Oil has been rallying to multi-year highs as supply concerns mount on multiple fronts. The most recent uptick in prices comes ahead of a possible US exit from the Iran nuclear deal, which lifts previous sanctions on Tehran so long as it curbs its nuclear program, next week.

President Donald Trump has threatened to pull out of the 2015 deal if other partners - mainly Britain, France, and Germany - don't "fix" its perceived flaws by a self-imposed May 12 deadline.

Last week, Israeli Prime Minister Benjamin Netanyahu further raised speculation that he will decide to scrap it. Netanyahu accused Iran of "lying big time" about its nuclear program, possibly stoking Trump's existing suspicions that a weapons program is still underway.

"There are better than even odds of some kind of break in the Iran agreement away from status quo," analysts at Deutsche Bank said.

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