U.S President, Donald Trump has pulled out his country from the nuclear deal it and its allies signed with Iran in July 2015
The deal stopped Iran from continuing its uranium enrichment and nuclear development programs.
While announcing the pullout of the U.S from the deal signed by his predecessor, Trump said he will sign an Executive order, imposing the most powerful sanctions possible against the Persian nation.
Trump says the deal is defective at its core and it cannot stop Iran from making a nuclear bomb.
The details of sanctions Trump intended to impose on Iran are not yet clear.
In response to Trump’s expected withdrawal of the U.S from the deal, oil prices rose on Monday. Brent crude, which is the benchmark for Nigerian oil, rose to $76.
Oil prices may further go up if the sanctions imposed on Iran by the U.S include a freeze on the country’s oil exports.
Iran exported close to a billion barrels of oil in 2017.