The decision of President Donald Trump to officially pulled out of the 2015 Iranian deal signed by the then U.S. president, Barack Obama and global powers bolstered crude oil prices during Asian trading session.

The Brent crude oil, against which Nigeria’s crude oil is priced, rose above the $76 a barrel as at 2 am Nigerian time to a four-year high of $76.71 a barrel.

The U.S. West Texas Intermediate surged by 1.4 percent to $70.7, also its highest in four years.

U.S. President Donald Trump had on Tuesday announced in a much-awaited speech that he will withdraw the US from the nuclear agreement with Iran, calling it ‘decaying and rotten.’ The president said he would reimpose economic sanctions that were waived when the deal was signed in 2015. Putting the nation against its European allies, whose leaders had tried to convince the President on the significance of the deal.

In response, Iran’s President Hassan Rouhani said: “The US has announced that it doesn’t respect its commitments.” Once again highlighting the danger of the pullout on the proposed North Korean meeting between the U.S. and the isolated nation.

According to former President Barack Obama in a Facebook post, “Walking away from the Joint Comprehensive Plan of Action (JCPOA) turns our back on America’s closest allies, and an agreement that our country’s leading diplomats, scientists, and intelligence professionals negotiated.

“At a time when we are all rooting for diplomacy with North Korea to succeed, walking away from the JCPOA risks losing a deal that accomplishes – with Iran – the very outcome that we are pursuing with the North Koreans,” he said.

Antonio Guterres, United Nations secretary general said the announcement ‘deeply concerned’ and called on the other nations involved in the deal to abide by their commitments.

U.S. key allies in Europe, U.K., Germany, and France said they ‘regret’ U.S decision but look to make the deal work regardless.

In not so surprising fashion, Israel’s Prime Minister Benjamin Netanyahu loud his support for Mr Trump’s “bold” withdrawal from a “disastrous” agreement.

While Iran’s middle East rival, Saudi Arabia, says it “supports and welcomes” Mr Trump’s moves towards pulling out of the deal.

Experts believed the deal may further hurt global oil supplies and boost oil price towards the $80 a barrel resistance level.

But volatility is expected across the oil market as allies look to fashion out a way to abide by their agreements with Iran while at the same time maintaining their U.S relationships. Market uncertainty is expected to remain high ahead of a possible meeting between the U.S. and North Korea and the review of the U.S – China trade discussions of May 5th.

"The continuous rise in global oil prices will boost Nigeria’s foreign revenue ahead of the national election and deepen economic activities across key sectors," Samed Olukoya, a foreign exchange research analyst at Investors King Ltd. "The inflation rate is projected to moderate further, however, new job creation remained weak with the unemployment rate at 18.8 percent."

http://investorsking.com/iran-nuclear-deal-oil-prices-climb-76/ mynd44

Woow

Does this mean a bag of rice will now be N5,000? What about exchange rate? Will that now become N180?

The inflation rate is projected to moderate further, however, new job creation remained weak with the unemployment rate at 18.8 percent."


Unemployment rate of 18.8% in Nigeria?

Im sure buhari's govt wud love trump dearly. He has boosted oil prices and it may get to $100/barrel. I hp we will take due advantage of this...

more money for looters

Let me see their another lines of excuses,stupid APC

Good deal for Nigeria.

Need a website design? Get started without advanced payments. Check my signature

even if the price is $1000 per barrel, Nigeria would still be sh!thole

After the incompetent and clueless fool will claim he is building economy with less than 30 dpb.
Over to u zombies

We are going back to $100 thanks to Donald Trump. Obama really crashed the price of oil with the help of Iran saturating the market, now Drumpf has sanctioned them again.

GavelSlam:
Good but PDP must not come near the money.

My zombified Brother.
Take heart, your paymaster is parking out!

Trump is so unpredictable

U can never trust the ishmaelites that's u trump pulled out

Next thing Iran will hear is OPEC sanctions and boom Brent crude oil hits $100pb.

Iran's rial traded near record lows against the dollar in the free market on Tuesday as Iranians tried to buy hard currency.
The dollar was selling for 65,000 rials, down from 57,500 at the end of last month and 42,890 at the end of last year.
Economists inside and outside the country said the rial was being driven down by heavy demand for dollars among Iranians who feared a U.S. pullout from the nuclear agreement would lead to the resumption of U.S. sanctions against Tehran.
DUBAI (Reuters) - Iran's rial traded near record lows against the dollar in the free market on Tuesday as Iranians tried to buy hard currency, fearing economic turmoil if U.S. President Donald Trump withdraws from a deal on Iran's nuclear program.

The dollar was selling for 65,000 rials, according to foreign exchange website Bonbast.com (https://www.bonbast.com), which tracks the free market. That was down from 57,500 at the end of last month and 42,890 at the end of last year.

Economists inside and outside the country said the rial was being driven down by heavy demand for dollars among Iranians who feared a U.S. pullout from the nuclear agreement would lead to the resumption of U.S. sanctions against Tehran, deterring other nations in Europe and Asia from developing business ties.

Drumpf only foreign policy is to destabilize all Obama policies. He backed out of the TPP and begging to rejoin after other nations moved on. He backed out of the Paris climate accord and now the JCPoA. He hated Obama so much, he backed out on Obama's ban on American trophy hunting of animals in Africa and the trafficking of elephant tusk. The racist piece of sh1t will be kicked out after we deal a blow to his GOP enabling spineless low lifes.

I could recall how the Iranians were celebrating when this deal was signed in 2015.
Tho dunno about international politics.But Saudi Arabia and Israel lauding US for pulling out on the nuclear deal looks partisan.
Saudi a Muslim country will support this becos Iranians are mainly Shites and their major rival in the oil market,and Nethanyahu becos he is a bully and US ass licker.

I expected it, good news for Nigeria. Thank you President Trump

Admin401:
We are going back to $100 thanks to Donald Trump. Obama really crashed the price of oil with the help of Iran saturating the market, now Drumpf has sanctioned them again.

You are sick!!! So you want more turmoil and world peace disruption. Dude seek help.

GavelSlam:


I don't have any paymaster but if you think Buhari would lose then you must be a learner.

I have always been a learner, don't know about you; but that takes nothing out my bold claim: he's parking out!!

I'm hoping it happens this year by feast of Tabernacles that way I know how long we have left in captivity...the seventieth week is upon us....Regional war on its way...prophecies is about to be fulfilled...can't wait to see Esau and Jake get destroyed

GavelSlam:


I don't have any paymaster but if you think Buhari would lose then you must be a learner.

He has lost！ Deal with that

Meanwhile blaming Jonathan continues. Even if $200 per barrel, they will still moan.

Kophschmerzen:
Drumpf only foreign policy is to destabilize all Obama policies.

You cant distabilize a policy, you can only distabilize a country.

backed out of the TPP and begging to rejoin after other nations moved. He backed out of the Paris climate accord and now the JCPoA. He hated Obama so much, he backed out on Obama's ban on American trophy hunting of animals in Africa and the trafficking of elephant tusk. The racist piece of sh1t will be kicked out after we deal a blow to his GOP enabling spineless low lifes.

Shhhh!! This is good for Nigeria.

I can now agree that President Trump is God sent. God bless you President Trump!!

That's the change Buhari promised us.
Buhary till 2023

Things will be better soon.

Check below