Oil prices rose about 3 percent on Wednesday and hit fresh 3-1/2 year highs after a bigger-than-expected drawdown in U.S. oil inventories extended gains from the United States’ decision to quit a nuclear deal with Iran. Ignoring pleas by allies, U.S. President Trump on Tuesday pulled out of a 2015 international deal with Iran and announced the “highest level” of sanctions against the OPEC member, making investors nervous about rising risks of conflict in the Middle East and about oil supplies in a tight market. News of the deal prompted a volatile trading session on Tuesday in the heaviest volumes for front-month U.S. crude futures since Nov. 30, 2016. The United States will likely re-impose sanctions against Iran after 180 days, unless some other agreement is reached. Brent crude futures rose $2.36, or 3.2 percent, to settle at $77.21 a barrel. The global benchmark hit […]