Oil prices remained at a four-year high this morning, ahead of US President Donald Trump’s highly anticipated announcement on the Iran nuclear deal.
WTI Crude was still above $70 a barrel, despite slipping by 0.8 per cent, having risen above the threshold for the first time in four years yesterday, as traders anticipate Trump confirming he will bring the deal to an end.
Brent Crude was at $75.55 a barrel, having also dropped 0.8 per cent this morning.
It is widely expected that Trump will withdraw from the agreement, having previously called it one of the “worst deals ever made”.
European allies have pressed the US to stick with the historic deal and make amendments if necessary. Foreign secretary Boris Johnson yesterday went on Trump’s favourite TV show Fox & Friends to urge him “not to “throw the baby out with the bathwater” by scrapping the deal altogether.
Johnson agreed that the deal was flawed, saying: “Of course the president is right”. But he warned that if the deal collapsed, Iran could sprint for a nuclear bomb, leading to a dangerous arms race in the already volatile Middle East.
The oil price is up 10 per cent over the last month, following Trump’s tweet saying: “Nobody knows what I am going to do on the 12th”.
Last night he tweeted that he would announce his decision today, at 2pm in Washington (7pm UK time).