Oil Jumps After NYT Denies CNN Fake News: Trump To Withdraw From Deal, Reinstate All Sanctions

Remember last week when a fake report by CNN that the US and China were about to reach an agreement during last Friday’s trade talks – when in reality nothing like that happened – sent stocks surging?

Well, CNN’s “fake news” factory was in overdrive again this morning, again moving markets and sending oil tumbling on an unconfirmed report that Trump won’t withdraw from the Iran deal. Well, just moments later oil shot up after this time it was the NYT denying CNN’s report

  • TRUMP TOLD MACRON HE’LL WITHDRAW FROM IRAN DEAL, NYT REPORTS

From the NYT:

President Trump told President Emmanuel Macron of France on Tuesday morning that he plans to announce the withdrawal of the United States from the Iran nuclear deal, according to a person briefed on the conversation.

Just as notably, the NYT also reports that “the United States is preparing to reinstate all sanctions it had waived as part of the nuclear accord — and impose additional economic penalties as well” and adds that “the talks collapsed over Mr. Trump’s insistence that sharp limits be kept on Iran’s nuclear fuel production after 2030. The deal currently lifts those limits.”

Mr. Trump’s decision, while long anticipated and widely telegraphed, plunges America’s relations with European allies into deep uncertainty. They have committed to staying in the deal, raising the prospect of a diplomatic and economic clash as the United States reimposes stringent sanctions on Iran.

It also raises the prospect of increased tensions with Russia and China, which also are parties to the agreement.

In kneejerk response, oil promptly jumped, retracing half of its losses following the CNN report as oil traders and algos try to handicap whose news is real and whose is fake.

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