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Oil price climbs after U.S president withdraws from Iran nuclear deal

Odwa Magwentshu

At 8pm, local time, we saw U.S President Donald Trump announce that the United States will be withdrawing from the Iran nuclear deal. The first to react was the oil prices, firstly by dipping only to close higher during the Asian trading session. The announcement sees the US re-imposing nuclear sanctions on Tehran by the end of six months and that countries to cut Iranian crude purchases immediately, as the US itself does not import from Iran. Note that the fixed income yield on the 10 – year US Treasury was up almost 2 basis points at 2.991 per cent. The United States decision could weaken U.S relationships around the world, as the allies opposed the decision and expressed “regret and concern”.


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