U.S. Pullout of Iran Nuclear Deal: What Next for Oil, Business?

The U.S. announced on May 8, 2018, its withdrawal from the Joint Comprehensive Plan of Action (JCPOA) – aka, the Iran nuclear deal. In the week prior to this decision, expectations were rising that the U.S. would pull out of the deal. A variety of European leaders flew to Washington and lobbied the U.

S. Administration to remain in the deal. French President Emmanuel Macron flew into Andrews Air Force Base (technically Joint Base Andrews), was received with a State dinner, and failed to convince the Republican Administration to change its mind. German Chancellor Angela Merkel arrived at Dulles International Airport, received a less formal welcome, and also failed to convince the U.S. to change its mind. Even UK Foreign Secretary Boris Johnson, a supporter of the U.S. President, showed up in Washington to make the case for staying in the Iran deal. He even appeared on Fox News and talked to the Republican base, to no avail.