Oil prices have dropped in reaction to Iranian President Hassan Rouhani’s claim that the White House offered to remove all sanctions on Iran in order to begin negotiation talks, CNBC reports.
Trade Brent Crude Oil Spot CFD
WTI crude futures dropped 2.6% to $54.98, while Brent crude futures fell 2.3% to $60.30.
The German chancellor, the prime minister of England (Britain) and the president of France were in New York and all insisted that this meeting take place. And America says that I will lift the sanctions. It was up for debate what sanctions will be lifted and they had said clearly that we will lift all sanctions.
The Trump administration is currently applying severe sanctions to the middle-eastern oil-rich nation in an attempt to cripple its economy and bring it to the table.
Tensions between the two countries have increased significantly following an attack on Saudi Arabia’s oil fields and facilities earlier this month. Saudi Aramco’s oil production was temporarily cut in half and oil prices jumped by their biggest rate in at least thirty years. The USA and Saudi Arabia blames Iran for the attack.
In the atmosphere of sanctions and the existence of sanctions and the toxic atmosphere of maximum pressure, even if we want to negotiate with the Americans in the 5+1 framework, no one can predict what the end and result of this negotiation will be.