Oil prices climbed to highest since late 2014! . Oil prices surge  $70, hits fresh The dollar rose to fresh highs on Monday while oil prices climbed to highest since late 2014, driven by declining Venezuelan crude production worries re-impose sanctions on Iran.

The crude surge lifted energy on Street. European shares supported by strong . gains Nestle after the Swiss company agreed to pay $7.15 billion to Starbucks a global coffee alliance.

The euro broke below $1.1 the this . On weaker-than-expected German industrial orders and declining eurozone investor sentiment.

Investors increased bets that rising . would continue to boost the . While traders unwound bearish positions on the greenback.

An index that tracks the against a basket of leading currencies climbed to 2.74. It7;s highest since December. The index was last up 0.23 at 2.782.

“The general right now is that the dollar is going to continue to move a higher. Against the euro, particular, maybe against the yen as well,” said Larry Hatheway, chief economist at GAM Solutions.

The euro slip to $1.1750 or $1.15 as a support as the Federal Reserve tightens monetary policy. And the European trends weaker, he said.

’s a general appreciation the Fed is going to move at least twice again this . And the consensus is shifting toward three moves this .”

The euro fell 0.3 to $1.1922, while the Japanese yen slipped 0.04 to 109.07 per dollar.

Venezuelan Oil prices exports came under threat after . Oil prices ConocoPhillips moved to take assets of state-run PDVSA to enforce a $2 billion arbitration award, three told Reuters.

The move further crimp PDVSA’s declining oil output and exports.

Widespread expectations that Donald withdraw from the Iranian nuclear pact also weighed on crude prices.

U.S. crude rose $1.01 to settle at $70.73 a barrel, breaking above the $70 mark the since November 2014, while Brent gained $1.30 to settle at $76.17.

Nestle rose 1.6 after it gained the rights to Starbucks around the world outside of the U.S. company’s coffee shops.

Nestle was the contributor to the 0.59 percent advance in the pan-European FTSEurofirst 300 index of leading shares. Oil giants Royal Dutch Shell and Total were the fourth- and seventh- contributors, respectively.

On Street, the S&P energy index was the gainer among the 11 sectors during of the session but faded by the , ending up 0.18 percent.

tweeted that on Tuesday he would announce his decision on whether to withdraw from the Iran nuclear deal.

“Oil has done well in anticipation of the announcement from . People braced the worst,” said Keith Lerner, chief strategist at SunTrust Advisory Services in Atlanta.

The Dow Jones Industrial Average closed up 94.81 , or 0.39 percent, at 24,357.32. The S&P 500 gained 9. , or 0.35 percent, to 2,672.63 and the Nasdaq Composite added 55.60 , or 0.77 percent, to 7,265..

Eurozone government bond yields slid as the unexpected fall in German industrial output was seen as encouraging the European Central to prolong an unwinding of stimulus.

The yield on the benchmark 10-year German bund fell to 0.53 percent, while yields on U.S. benchmark 10-year Treasury rose slightly to 2.9516 percent.

Gold slipped, snapping three of gains, as the U.S. dollar index strengthened.

U.S. gold futures for June delivery settled down 60 cents at $1,314.10 an ounce.

Reporting by Herbert Lash in ; Editing by Dan Grebler, James Dalgleish, and Susan Thomas / Publisher: The Thomson Reuters.