Oil Declines on Iran Deal

Wayne Ellis

Oil Declines on Iran Deal (Bloomberg)

Not everyone was happy to see Iran sign the nuclear non-growth treaty placed in front of it yesterday. Oil and gold investors, in particular, suffered because of the deal. Brent crude fell almost 2 percent to $109.06 per barrel — and appeared to be on its way to the commodity’s biggest decline in three weeks. Gold fell to a four-month low, dropping 1.5 percent on the news. In addition, gasoline and heating oil prices fell at least 1.6 percent. According to Henk Potts, a Barclays strategist, prices fell because some of the “risk premium has been taken out.” Now investors have to ask themselves if having a safer world is an equitable trade-off for less wealth.

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Iran’s agreement to sign a nuclear, non-proliferation treaty with six of the world’s current nuclear powers put a smile on the face of Mr. Market, sending shares higher in early trading in Asia, Europe and the United States.

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