climbed to highest since late 2014! U.S.  surge past $70, dollar hits fresh dollar rose to fresh highs on Monday while climbed to highest since late 2014, driven by declining Venezuelan crude production and worries could re-impose sanctions on .

crude surge lifted energy stocks in and on . With European shares supported by strong . And gains in Nestle after Swiss company agreed to pay $7.15 billion to Starbucks in a global alliance.

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

increased bets that rising U.S. rates would continue to boost the dollar. While traders unwound bearish positions on the greenback.

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

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

The euro could slip to $1.1750 or $1.15 as a support level as the Federal Reserve tightens monetary . 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 more moves this .”

The euro fell 0.3 to $1.122, while the Japanese yen slipped 0.04 to 10.07 per dollar.

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

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

Widespread expectations that President Donald withdraw the 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 for the time since November 2014, while Brent gained $1.30 to settle at $76.17.

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

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

On , the S&P energy index was the gainer among the 11 sectors during much 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 nuclear deal.

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

The Dow Jones Industrial Average closed up 94.81 , or 0.39 percent, at 24,357.32. The S&P 500 gained 9.21 , or 0.35 percent, to 2,672.63 and the Nasdaq Composite added 55.60 , or 0.77 percent, to 7,265.21.

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

Gold slipped, snapping 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 York; Editing by Dan Grebler, James Dalgleish, and Susan Thomas / Publisher: The Thomson Reuters.