Oil briefly tops $75 a barrel before dropping on hope for Iran nuclear deal

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Oil prices briefly hit fresh highs early Tuesday, rising to levels not seen since 2014.
Brent crude oil topped $75 a barrel. 
Prices plummeted by 2:15 p.m. ET, with Brent falling more than 2.50%.
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Oil prices briefly surged to fresh three-year highs Tuesday morning before plunging more than 2.5%.

Brent, the international benchmark, surged as high as $75.27 a barrel overnight — a level not seen since 2014. By 2:15 p.m. ET, it had slipped more than 2.60% to $73.08. West Texas Intermediate rose to $69.33 overnight before retreating nearly 1.7% to $67.77. 

Crude had previously been rallying over the past week amid supply concerns. There have been multiple reports of falling crude inventories in the US and mounting concerns that President Donald Trump will pull out of the Iran nuclear deal. 

But Trump, alongside French President Emmanuel Macron, told reporters Tuesday afternoon that it's possible a deal could be reached "fairly quickly." Macron wants to keep the deal together and is visiting Washington this week in efforts to convince Trump to do so.

Additionally, Iran's oil minister told reporters Monday that OPEC may not have to extend production cuts — which expires at the end of the year — if prices keep surging. That would mean more oil could pour into the market as soon as January 2019, a prospect that's further dampening prices.