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

crude surge lifted energy stocks Europe on . With European shares supported by . gains Nestle after the Swiss company agreed to pay $7.15 billion to a global coffee alliance.

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

increased bets that rising . rates would continue to boost the . While traders unwound their 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 percent at 2.782.

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

The euro slip to $1.1750 even $1.15 as a support level 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 year. And the consensus is shifting toward three moves this year.”

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

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

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

Widespread expectations that will withdraw the United States from the Iranian nuclear pact also weighed on crude prices.

U.S. crude $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 1.6 percent after it gained the to around the world outside of the U.S. company’s coffee shops.

Nestle was the biggest 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-biggest contributors, respectively.

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

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

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

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