Trump tears apart Iran deal

Trump tears apart Iran deal - announces economic sanctions. President Trump said he would announce his decision on the Iran nuclear deal today at 2 pm ET. Oil prices fluctuated in anticipation of President Trump's speech and were down about 2.5% before the broadcast. President Trump mentioned in the conference that his country will re-impose economic sanctions of the ''highest level'' and that they will be instituted in the next couple of months.Analyst estimates vary on the implications, ranging from zero impact to knocking as much as 800,000 bpd offline. French oil giant Total SA (NYSE: TOT), one of the few western companies with big plans for Iran, is hoping that U.S. action won’t derail its $1 billion deal to help develop the South Pars gas field. "The geopolitical consequences of a possible dismantling of the JCPOA would likely to play a larger and long-lasting role in pushing oil prices higher than short-term policy uncertainty," Michael Cohen, Barclays director of energy market research, said in a research note Monday.