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US threats over nuclear deal has no impact on oil market

Irans Petroleum Minister, Bijan Namdar Zanganeh said that global oil markets have remained unfazed by the recent remarks of US President Donald Trump against Irans international 2015 nuclear deal, internationally known as JCPOA, Business Standard reported.


“The oil market did not hear Trump’s remarks,” Zanganeh said, adding that “If Trump’s threats had been materialized, there should have been a rapid rise in prices of oil.”

However, “there have been no significant changes over the past week,” he was quoted as saying.

In the meantime, Iranian senior lawmaker Hossein Naqavi Hosseini said that Trump’s anti-JCPOA stance, should have increased oil prices to as high as $65 per barrel. “However, Trump’s remarks failed to produce any major impact.”

The JCPOA was reached between Iran, the five permanent members of the UN Security Council, Britain, China, France, Russia and the US, plus Germany, in July 2015. Under the deal, Iran agreed to halt its nuclear weapon programme in exchange for economic aid and lifting of international sanctions.

However, on October 13, US President Donald Trump called for decertifying the agreement, alleging Iran had committed “multiple violations”.

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