Gas Prices Go Up Following Trump Decision On Nuclear Deal

US oil prices climbed above $70 per barrel on Monday for the first time since November 2014. Sergei Karpukhin  Reuters

But oil traders weren't convinced.

One reason for skepticism is that over the past two years Saudi Arabia has been working with OPEC and Russian Federation to hold back exports and gradually run down world inventories to bolster prices.

Saudi Arabia, for instance, has the ability to crank up output. Even before Trump's announcement gasoline prices were almost 50 cents a gallon higher than a year ago.

"I personally prefer a stable crude price of $65 per barrel", Zanganeh said.

Manouchehri said Iran planned to finalise seven upstream contracts worth around $40 billion with foreign investors, SHANA reported.

The U.S. will impose tough economic sanctions on Iran, while the other countries still involved with the JCPOA are trying to salvage it.

"Whatever extraneous factor that affects supply or demand, will no doubt send the market into disequilibrium, which is not in the interest of producers, or the interest of consumers", he said. And US stockpiles of crude are down.

Since the sanctions were lifted in 2016, major European companies, partly wary of the remaining USA sanctions on Iran, have been reluctant to do business with Tehran, which needs to attract over $100 billion in foreign investment to boost its crude output. One possible reason: The number one and three officials in Treasury's office of foreign asset control left the office in the past two weeks.

More news: Trump scraps the Iran nuclear deal

S. investment bank Jefferies said in a note it expects Iranian crude oil exports to start falling in the next few months. In March, Trump administration launched an offensive against imports from China. Boeing said yesterday it would follow USA policy on Iran. "The 20 percent figure is not enshrined in written guidance so the Trump folks could use a higher number". Looming over markets is surging US output, which has soared by more than a quarter in the last two years, to 10.62 million barrels per day.

USA shale producers could also increase their output but it would take time and their light crude is not a good substitute for heavier Iranian oil.

Exxon Mobil rose 2.27 percent, Chevron gained 1.87 percent, Royal Dutch Shell closed up 3.38 percent and BP ended 3.92 percent higher. Hong Kong's Hang Seng index added 0.5 percent to 30,552.57 while the Shanghai Composite Index dipped 0.1 percent to 3,159.22.

WALL STREET: Amid uncertainty over Iran, U.S. stocks finished flat on Tuesday.

The possibility of having to cut oil imports from Iran should not hurt China as much, amid a glut in domestic supply of oil products, said She Jianyue, chief analyst at state-owned China National Offshore Oil Corp.

"Oil prices are finally on a clear upward trend, while strong global growth is boosting demand for regional goods", Spain-based research firm FocusEconomics said in its May Consensus Forecast report for the Middle East & North Africa (MENA).

And Russian President Vladimir Putin has spoken to German Chancellor Angela Merkel and Turkey's President Recep Erdogan about how to save the 2015 agreement with Iran, according to Russia's official press agency TASS.

The original deal lifted sanctions against Iran in exchange for Iran curbing its nuclear program. "They may not be as willing today". It has delivered three planes so far, the first new aircraft acquired by Iran in 23 years. "I think there'll be a lot of pushback on that".

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