After oil prices climbed to fresh highs Monday, the energy market pared back its gains on Tuesday as political news curbed sentiment. On Tuesday, crude futures fell into the red with U.S. WTI slipping below $70 a barrel, while Brent hovered around $75.40.
Prices were under pressure as the market grew nervous over an announcement by the U.S. administration, concerning the Iran nuclear deal.
President Donald Trump is expected to make a statement on the future of an international nuclear agreement. In the past, the incumbent has frequently threatened to withdraw the U.S. from the deal — which lifted sanctions on Iran in return for the country to pull back on its nuclear ambitions — unless nations in Europe that took part in the accord, amend what Trump sees as weak points of the deal.
Despite Trump’s threats to withdraw, President Hassan Rouhani stated that Iran had a plan to counter any move made by Trump when it comes to the 2015 agreement; Reuters reported. The U.S. leader is widely expected to pull out from the agreement, however Rouhani said Sunday, that this would be “making a mistake.”
Sticking with business, Comcast is looking into a $60 billion all-cash bid to surpass Walt Disney on its deal to acquire the majority of Twenty-First Century Fox’s assets — if the U.S. government goes on to approve the acquisition of Time Warner by AT&T, people familiar with the matter have revealed. The U.S. broadcaster has also got plans to acquire the whole of Britain’s broadcast firm, Sky, as part of an improved all-cash bid.
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