Published: Wed, May 16, 2018
Markets | By Otis Pena

Oil prices fall as market awaits Donald Trump decision on Iran

Oil prices fall as market awaits Donald Trump decision on Iran

Other Iranian leaders have threatened to restart the nuclear program.

Nothing to do with widespread concerns over the absence of prompt inspection opportunities at key Iranian nuclear sites. What's more, the Iranians will no doubt try to press America's European allies for more concessions to an already weak nuclear bargain. Or protecting US allies in the region.

Trump has insisted he won't settle for anything resembling the agreement President Barack Obama signed on to along with U.S. allies.

Oil prices retreated from 3-1/2 year highs on Tuesday as investors waited on an announcement by President Donald Trump on whether the United States will reimpose sanctions on Iran, according to Reuters reports.

"The JCPOA has subjected Iran's nuclear program to a rigorous and unprecedented global verification regime by the worldwide Atomic Energy Agency".

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Dan Eberhart, CEO of oilfield services company Canary LLC, drew a direct connection: "Withdrawing from the Iran nuclear deal will support higher oil prices".

Trump is moving quickly toward a historic summit with Kim in the coming weeks, bypassing the years of lower-level talks that preceded the Iran nuclear deal.

The Democratic Congressional Campaign Committee immediately took to social media to explain to Americans why Trump took the action. Even as the President cast his predecessor as overly willing to strike a deal in a bid to polish his legacy, some administration officials quietly fret Trump may himself be similarly eager for a deal on North Korea.

As Trump delivered his remarks, which were carefully watched around the world on Tuesday, two words were not directly mentioned: President Obama.

Foreign Affairs Minister Chrystia Freeland expressed Canada's regret over the USA decision to withdraw from the Joint Comprehensive Plan of Action, which she called "essential" to prevent Iran from developing nuclear weapons capability and ensuring global security. He has bluntly said the world would be better off without any deal than with what he calls the "fatally flawed" agreement reached during the Obama administration.

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"I felt a surge of pride when he did it. ..."

Major companies, particularly in Europe, could see billions of dollars in commercial deals canceled because of the USA decision to reinstall sanctions on Iran, though the ultimate impact remains unclear due to the possibility of renegotiations and exemptions, experts say.

In other sectors, French carmaker PSA Peugeot Citroen agreed in 2016 to open a plant producing 200,000 vehicles annually in Iran, and says it is studying the implications of the US move.

On social media site Twitchy was the comment, "The DCC has officially lost it". Trump's move has been a humiliating rejection of the advice of his European counterparts to keep it. Iran's rivals long have wanted to scuttle the nuclear deal with world powers, but its destruction could backfire and spark even more unrest in parts of the Middle East as Saudi Arabia threatens to launch its own nuclear weapons program in response.

"They're not formally linked, but clearly, they're linked in many people's minds".

As a private citizen, Bolton suggested in the past that the United States push for a change in Iran's government. The significant loss of oil revenues will result in further devaluation of Iran's currency, the rial, which has already lost its value against dollar by nearly three times due to the recent uncertainties around the deal.

Obama lashed out at the president for "consistent flouting" of agreements Obama imposed. The U.S. decision to walk away from the Iran deal may present such an opportunity.

"Intelligence recently released by Israel provides compelling details about Iran's past secret efforts to develop nuclear weapons, which it lied about for years". Instead he announced that Iran would remain a party to the agreement with Europe, and would begin negotiations on changes.

Iranian Oil Minister Bijan Zangeneh said in an interview broadcast on Iranian television late Thursday that he believed Trump cut an agreement with certain OPEC members to keep production low in order to support the higher oil prices that stimulate US shale production. "The only country that benefited from the Iran deal was Iran".

Multinational companies have billions of dollars tied up in Iran.

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