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Oil markets brace for Trump’s Iran deal decision

An oil tanker in the Strait of Homuz, off the coast of Iran. Photo: Kaveh Kazemi/Getty Images

Trump faces a May 12 deadline to decide whether to continue waiving sanctions against Iran or reimpose them. Markets think it will be the latter as prices rose in trading Monday to their highest levels in well over three years.

Why it matters: Walking away from the Iran deal and reimposing sanctions would lower volumes of Iranian crude in international markets.