Oil, energy stocks lift Wall St after US quits Iran deal

Oil jumps after US abandons Iran deal plans ‘highest level’ sanctions

"We'll see what happens", Trump said last week about his decision on the Iran deal.

The energy market is swinging wildly ahead of President Trump's announcement on the fate of the Iran nuclear deal.

"I call on the European Union, in particular France, the United Kingdom and Germany to take a firm stance to secure Iran's interests within the framework of the concluded agreement", the Iranian president's office quoted him as saying in a statement.

Rising oil prices just passed another milestone.

Brent crude oil touched its highest since November 2014 on Wednesday, up $2.19 a barrel, or 2.9% at $77.04 USA late in the morning session.

Bolton's op-ed follows President Donald Trump's decision to withdraw from the Iranian nuclear deal. Up to 1 million barrels per day of Iranian crude are at stake.

Ignoring pleas by allies, Trump on Tuesday pulled the U.

Multiple Explosions Rock Kabul As Attackers Target Police Stations
The Islamic State group claimed the first attack, which other officials had earlier said killed two police. At least 23 people were also wounded in Wednesday's hours-long assaults in the city, the ministry said.

Oil prices dipped on Friday, easing from multi-year highs in the previous session on hopes that alternative supplies could replace a looming drop in Iranian exports from US sanctions, Reuters reports. According to a Bloomberg report, UBS Group believes that sanctions could reduce oil exports to Iran by half million barrels per day in the upcoming six-month period.

Paul Sheldon, an associate director at Platts Analytics, said enforcing compliance with Trump's unilateral sanctions move is much more hard than previous multilateral sanctions, however. The global benchmark crude traded at a $6.44 premium to July WTI.

Under the 2015 agreement, Iran agreed to curb its nuclear activities in return for the lifting of sanctions imposed by the UN, US and EU.

A number of countries have already cut reliance on Iranian oil, as well as other "traditional" sources of supply, due to a surge in cheaper U.S. crude exports. But the only way Iran feels any uptick in economic pressure is through secondary sanctions pressuring European countries to scale back their trade and investment in Iran.

He said the effects of the USA move were already being felt in rising oil costs and an increase in political uncertainty in the Middle East. Iran has said it is studying whether it can still reap enough economic benefits to remain in compliance.

Under the financial sanctions, European companies will have 90 to 180 days to wind down their operations in Iran, or they will run afoul of the American banking system.

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