Oil prices plunge ahead of Trump announcement on Iran

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Oil prices plunge ahead of Trump announcement on Iran









Crude oil recovery: Are tactics working?

The price of oil plunged in volatile trading ahead of President Trump’s announcement on the Iran nuclear deal.

US crude tumbled as much as 4.4% late Tuesday morning to $67.63 a barrel. Then the price bounced back sharply, and crude was down about 2%.

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Traders attributed the earlier plunge to nervousness that Trump could surprise the market with a less aggressive decision than anticipated. Lighter or delayed sanctions on Iran would allow it to keep shipping oil overseas, holding the price down.

Trump is expected to announce that he will allow sanctions to go forward on Iran, a first step toward withdrawing from the nuclear deal, according to a US official and a person familiar with the plan.

But the sanctions could take months to go into effect as the US government develops guidance for companies and banks.

“People have been pricing in the worst-case scenario,” said Hillary Stevenson, director of oil markets at research firm Genscape.

Crude oil prices settled above $70 a barrel on Monday for the first time since late 2014.

Officials cautioned that nothing is final until Trump makes his announcement from the Diplomatic Room of the White House at 2 p.m. ET, and held out the possibility that he could change course.

— CNN’s Kevin Liptak contributed to this report.

CNNMoney (New York) First published May 8, 2018: 11:39 AM ET



    


    




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