Mubasher: Oil prices on Thursday jumped to their highest level since 2015, while investors wait for the US president’s decision regarding Iran’s sanctions.

By 11:47 am GMT, Brent crude futures jumped 0.38% to $69.46 per barrel (pb), while Nymex crude surged 0.61% to $63.96 pb.

These figures were driven by several factors, namely geopolitical risks, production cuts, and a fall in US inventories.

Trump is scheduled to review his decision to either extend waivers for Iran’s sanctions or re-impose them.

“It will be very important for the oil market to see what he does with Iran considering that in the past sanctions regime a large portion of exports was disrupted,” Giovanni Staunovo, commodity analyst at UBS Wealth Management, said.