Oil jumps after Trump says he’s “much less confident in Iran deal”

Earlier, we noted that Trump spoke in a New York Post podcast and said he was much less confident in a nuclear deal with Iran.

That has led to strong gains in crude with WTI up $1.25 to $66.23.

“They seem to be delaying, and I think that’s a shame, but I’m less
confident now than I would have been a couple of months ago. Something
happened to them, but I am much less confident of a deal being made,” Trump said.

He was then asked what will happen to Iran.

“Well, if they don’t make a deal, they’re not going to have a nuclear
weapon,” Trump answered. “If they do make a deal, they’re not going have
a nuclear weapon, too, you know? But they’re not going a have a new
nuclear weapon, so it’s not going to matter from that standpoint. But it would be nicer to do it without warfare.”

So he’s put war squarely on the table.

Technically, the gains in crude help to confirm the inverted head-and-shoulders on the daily chart that I’ve been writing about for over a week. It targets a return to $70-71.

This article was written by Adam Button at www.forexlive.com.