Oil Pares Losses After US Exits Iran Deal

Crude prices pared losses that earlier on May 8 ran as deep as 4% after U.S. President Donald Trump said the United States will withdraw from the Iran nuclear deal, while the dollar edged off fresh 2018 highs.

Brent futures, the global crude benchmark, briefly turned positive after Trump announced the U.S. withdrawal from the 2015 international agreement aimed at stopping Iran from obtaining a nuclear bomb.

Trump said the United States was reimposing the “highest level of economic sanctions” on Iran, but he did not provide details.