KEYFACT Energy
In a televised speech Tuesday, Trump said the United States would withdraw from a 2015 international agreement designed to deny Tehran the ability to build nuclear weapons, and also reimpose “the highest level of economic sanctions” against Iran.
Some analysts have said the reinstatement of sanctions could lead to tighter global oil supplies as they make it more difficult for Iran to export oil.
Oil prices gained on the back of the announcement, with West Texas Intermediate and Brent crude up 2.7% to $70.98 a barrel and $76.98, respectively.