Economics

Oil Falls Below $70 After Trump Promises Iran Decision Tomorrow

Trump to announce Iran sanctions decision at 2 p.m. local time
WTI gives up most of its gains for Monday after Trump tweet

Oil Rises as Market Braces for Trump's Iran Nuclear Call

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Sheela Tobben

May 6, 2018 at 10:31 PM UTC

Updated on

May 7, 2018 at 8:16 PM UTC

This article is for subscribers only.

U.S. oil prices fell back below $70 a barrel after President Donald Trump tweeted that he would announce a decision on the Iranian deal Tuesday afternoon.

The benchmark crude price fell more than $1 a barrel immediately after the tweet, dropping below the $70 mark for the first time all day. The decline claimed most of West Texas Intermediate’s gains for Monday, with oil trading up 11 cents at $69.83 at 3:38 p.m.