Oil retreats as traders wait for US’s announcement on Iran deal
If Donald Trump pulls the US out of the deal, Iranian exports may be affected, but analysts say it will also fan the flames of geopolitical tension in the Middle East
London — Oil retreated from three-and-a-half-year highs on Tuesday as investors waited for an announcement from President Donald Trump later in the day on whether the US will re-impose sanctions on Iran. Should Trump pull the US out of a multi-nation agreement on Tehran’s nuclear programme, Iranian crude exports might be affected, but analysts said it would also fan the flames of geopolitical tension in the Middle East, which is home to a third of the world’s daily oil supply. Brent crude futures were down 69c at $75.48 a barrel by 9.10am GMT, while US West Texas Intermediate (WTI) crude futures fell 86c to $69.87 a barrel. Trump said on Monday that a decision on whether to remain in the Iran nuclear deal or to impose sanctions would be announced at 6pm GMT on Tuesday, four days earlier than expected. "Until we get more clarity on Trump’s intentions, we are unlikely to get further upside on crude," said Virendra Chauhan, oil analyst at Energy Aspects in Singapore. "If we assume he g...
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