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Seven Days: 11 May 2018

Seven Days: 11 May 2018

Nuclear option

In a not wholly unsurprising move this week, Donald Trump unilaterally pulled the US out of a nuclear non-proliferation deal with Iran and threatened to reimpose sanctions within six months. Despite strong urgings from allies across Europe, Mr Trump stuck to his 2016 election campaign pledge to withdraw the US from the Joint Comprehensive Plan of Action agreed under the Obama administration. That was designed to see Iran roll back its nuclear programme in return for the lifting of certain sanctions, including on the sale of oil. Iran responded by saying it was considering resuming uranium enrichment, but would talk to the other signatories first. The oil price spiked in response, with Brent Crude passing through the $77 (£56.83) level on Wednesday morning.

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