Oil tumbles On Doubts About U.S. Sanctions on Iran

Oil prices dived as much as 3.5 percent on Tuesday as a media report fed doubts about whether U.S. President Donald Trump would withdraw Washington from the Iran nuclear deal, then bounced from the session low in volatile trade after another report that Trump does plan to withdraw. The CNN report sparked doubts about whether Trump would impose sanctions on Iran as quickly as the market had expected, a decision that would reduce global crude supplies and feed tensions in the Middle East. Oil prices had been supported by expectations that Trump would likely pull the United States out of the deal. This could hit Iranian crude exports and also fan the flames of geopolitical tensions in the Middle East, home to a third of the world’s daily oil supply.

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If sanctions are reinstated, that could contribute to tighter global oil inventories, as it would likely result in a reduction of Tehran's oil exports. Than, only sky is limit

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Always finding new ways an excuses to jack up gas prices - so normal, cause they are they are masters of peace and war and our destiny...
 

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OPEC is horrible; the U.S. has more than enough oil to supply everyone here, there's no need to go outside the country. The fact that we still import oil is ridiculous! And, unfortunately we pay too much for gallon...

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These are still the pre-shocks. Wait and see the after-shocks. The magnitude of the latter will be much greater.

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I am thinking if he pulls out and re imposes sanctions it will bring stability to the region b/c  that will hurt the cash flow of the terrorists and help prevent more nukes?

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Oil isn't doing much right now, even with the Iran nuclear deal withdrawal announced ... as of 3pm EST:

 

Screen Shot 2018-05-08 at 3.03.32 PM.png

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37 minutes ago, TraderTate said:

Oil isn't doing much right now, even with the Iran nuclear deal withdrawal announced ... as of 3pm EST:

 

Screen Shot 2018-05-08 at 3.03.32 PM.png

You've got to remember this was the expected outcome and markets had largely priced it in (which also explains the drastic tumble on the CNN rumors that the U.S. would remain in the deal).

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Mistake. A ridiculous decision by this illiterate fool, who doesn't even know what is in the agreement. Errand boy for Saudi Arabia

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Well, we are not the only country in the deal. Any new deal will need to be negotiated with those other countries as well, and again, none of them are going to take us at our word now that we pulled a fast one on them once.

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3 hours ago, damirUSBiH said:

If sanctions are reinstated, that could contribute to tighter global oil inventories, as it would likely result in a reduction of Tehran's oil exports. Than, only sky is limit

This will impact also the N Korea meeting

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Right now, the US is backing out of a deal that keeps Iran from making nukes for at least the next ten years. That gives the rest of the world time to negotiate a more permanent solution. However, by pulling out of the deal, the US is showing itself to be untrustworthy. 

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Paris Climate Accord; the Trans Pacific Partnership and now this. 

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Less than one-third of Americans said they support President Trump's decision to pull the United States out of the Iran deal, according to a Reuters/Ipsos national opinion poll. The poll, released ahead of Trump’s announcement to withdraw from the Obama-era agreement, found that 29 percent of Americans said they wanted to end the deal. So, who is Trump representing here? 

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1 minute ago, Joanna said:

Less than one-third of Americans said they support President Trump's decision to pull the United States out of the Iran deal, according to a Reuters/Ipsos national opinion poll. The poll, released ahead of Trump’s announcement to withdraw from the Obama-era agreement, found that 29 percent of Americans said they wanted to end the deal. So, who is Trump representing here? 

I know. The poll was conducted throughout the United States with 1,277 adults, including 492 registered Republicans. I think this is refreshing

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is anyone here seriously thinking Iran give up its nuclear program? But that's beyond point - which is markets already priced non-renewal of the Iranian sanctions cancelation. Question is - what would be a new price level?

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well a DAILY chart doji does not happen very often and every trader knows what that means, will this time be different?

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Will these spikes in oil prices negatively  impact the focused economic momentum as witnessed in the American economy ?

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I believe that the spikes in oil prices will impact the economy, but only if they are sustained over a relatively long period of time.  The oil patch will benefit of course, but this will impact retail prices on gas, heating oil and just about everything that is derived from oil. Families will have less to spend, sales will inevitably decline and the economy will eventually come under negative pressure. We have been here before.

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what I float Idea to fix oil prices internationally keep aside dirty politics, Oil prices impact every aspect of life and create anarchy in poor countries. 

But being integral part of life and daily life Globally prices must be kept constant and firm for certain period. 

 

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