US oil prices top $70 a barrel for first time since 2014

The price of U.S. crude oil increased $1.01 and reached $70.73 a barrel on the futures market in New York for the first time since late 2014.

The international standard, Brent crude, was up $1.30 to $76.17 in London.

The Pueblo Chieftain reports through an Associated Press story that analysts said the increase has been driven mostly by strong demand and limits on production. But, they said, a contributing factor is concern that Iranian oil exports will fall if the U.S. withdraws from a 2015 deal that eased sanctions on Iran in exchange for limits on its nuclear program.…