Oil prices fell to a three-month low Tuesday on optimism over the expected reopening of the Strait of Hormuz after a peace deal between the United States and Iran.
Brent North Sea crude, the international benchmark, dropped 3.8 percent to $79.99 a barrel, dipping under $80 for the first time since early March.
The main US oil contract, West Texas Intermediate, slid 3.9 percent to $77.61 a barrel.
This comes as US President Donald Trump said that the United States will not invest any money in Iran and that without him, there would be no Israel, adding, “Our deal with Iran has been completed, and it is supposed to succeed. It is now moving to the second phase, which I think will be easier.”
During a meeting with Qatari Emir Tamim bin Hamad Al Thani, on the sidelines of the G7 summit in France on Tuesday, he said, “Working with Qatar to resolve the crisis in the region was an important and positive factor.” He added that what is important is that Iran does not possess a nuclear weapon in any form, which was the motivation behind signing the Memorandum of Understanding.
He went on to say that if Iran seeks to acquire a nuclear weapon, all hell will break loose for it. “It will not possess a nuclear weapon under the agreement.”
He said, “There have been attempts to change the regime in Iran, but they have not succeeded. There are good opportunities to deal with Iran,” adding, “If we continue these efforts, we will achieve something great for the region and for Iran, and we are ready to provide assistance whenever our friends request it.”
He continued, “If we hadn’t canceled the Joint Comprehensive Plan of Action (JCPOA) that Obama made with Iran, they might have acquired a nuclear weapon.” Regarding enriched uranium, He added, “We wanted to go to Iran to get it, but that didn’t happen.”
Trump explained, “The war in Lebanon is a secondary issue, and the nuclear agreement with Iran can hold. I told Israel that I didn’t like their attack on Beirut,” adding, “I suggested to Israel that Syria take over Hezbollah.”
He added, “Without me, there would be no Israel, and Bibi (Netanyahu) needs to be more responsible toward Lebanon.” AFP
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