On Monday, oil markets were stable with prices floating close to 2014 highs as investors were waiting for the decision on whether the United States would withdraw from the nuclear deal with Iran and re reimpose oil sanctions against it.
The benchmark Brent crude futures closed at $74.84 a barrel at 0117 GMT, and remained mostly unchanged compared to their last settlement. The United States West Texas Intermediate crude futures gained 4 cents and climbed to $69.76 a barrel. On Friday, WTI reached its highest value since November of 2014.
Iran’s recent rise to be a key oil exporter in the year 2016 was right after the global sanctions were lifted in exchange for curbs on the country’s nuclear program. Trump has threatened to pull back from the 2015 agreement. This move may possibly cut Iran’s oil exports.
During early Monday trade, Asian shares were trading mostly mixed in spite of the positive activity on Wall Street as investors reacted to the positive U.S. jobs statistics and last week’s trade negotiations.
Japan’s benchmark Nikkei 225 was slightly under pressure shedding 0.17 percent while the Topix went down by 0.15 percent. Gains in the oil and iron sub-indexes were balanced with losses within the financial sector. MSCI’s largest index of Asia Pacific shares outside of Japan climbed up by 0.17 percent. South Korean markets were closed on Monday to observe a holiday.