TOKYO: Oil prices retreated from three-and-a-half-year highs on Tuesday as investors waited on an announcement by President Donald Trump on whether the United States will reimpose sanctions on Iran.
Should Trump pull the United States out of a multi-nation agreement on Tehran’s nuclear program, Iranian crude exports could be hit, adding to tightness in the oil market, which is coming back into balance after years of glut.
US West Texas Intermediate (WTI) crude futures fell 63 cents, or 0.9 percent, to $70.10 a barrel by 0024 GMT. At one point they fell below $70, after settling above that level for the first time since November 2014 on Monday.
Brent crude futures were down 53 cents, or 0.7 percent, at $75.64, having jumped 1.7 percent to settle at $76.17 a barrel in the previous session.
Trump said on Monday a decision on whether to remain in the Iran nuclear deal or to impose sanctions would be announced at 2:00 p.m. EDT (1800 GMT) on Tuesday, four days earlier than expected.
Trump is likely to either announce he will not be renewing a waiver on sanctions, leading to a “significant reduction” in Iranian oil sales within six months, or will restate his opposition to the nuclear agreement, Barclays Research analysts said in a report.
“Regardless, his foreign policy continues to ignite tensions in the main oil-exporting center and is, thus, price supportive,” they said.
If Trump restores core US sanctions, under US law he must wait at least 180 days before imposing their furthest-reaching measure, which is to target banks of nations that fail to significantly cut their purchases of Iranian oil.
Analysts at RBC Capital Markets said Iran’s exports could be cut by 200,000 to 300,000 bpd as a result. Iranian officials, however, said that the country’s oil industry would continue to develop even if the United States exits the accord.
Oil prices fall as market awaits Trump decision on Iran
Oil prices fall as market awaits Trump decision on Iran
- A US pullout from the agreement on Tehran’s nuclear program could hit ranian crude exports, adding to tightness in the oil market.
- Iranian officials said that the country’s oil industry would continue to develop even if the United States exits the accord.
Saudi Dar Al Arkan, Trump Organization unveil 1st Riyadh project in Wadi Safar
RIYADH: Saudi developer Dar Al Arkan and its international unit Dar Global have unveiled the first of two Trump-branded projects planned for Riyadh, launching a 2.6 million-sq.-meter Trump International Golf Club in Wadi Safar.
The project follows a joint announcement in December 2024 by Dar Al Arkan, Dar Global and The Trump Organization to develop two Trump-branded assets in the Saudi capital. It marks The Trump Organization’s first venture within the Diriyah development, one of the Kingdom’s flagship giga-projects, according to a press statement.
The development aligns with Saudi Arabia’s Vision 2030 goals to diversify the economy away from oil and attract foreign direct investment.
It also comes as Saudi Arabia plans to allow foreigners to own property in designated areas for the first time, starting this month.
In a statement, Eric Trump, executive vice president of The Trump Organization, said:
“We are proud to expand our presence with this landmark development in Wadi Safar. Trump International Golf Club, Wadi Safar will redefine luxury and excellence in the region, setting a new standard that reflects the brand’s enduring commitment to quality, prestige and timeless elegance.”
He added: “We look forward to creating a destination that complements the rich heritage of the region while delivering a global standard of luxury living.”
The Trump International Golf Club, Wadi Safar, will be developed as a gated community featuring a championship golf course, a luxury hotel and premium residential units overlooking surrounding wadis and fairways.
“This new project represents a vision to deliver a destination that captures the prestige and the legacy of the Trump brand. With Dar Global leading the development, we are confident this will become a flagship destination not just for Saudi Arabia, but for the world,” said Yousef Al Shelash, chairman of Dar Al Arkan.
The project will combine top-tier hospitality, design, and lifestyle offerings in a setting that reflects Saudi Arabia’s cultural and natural heritage.
Ziad El Chaar, CEO of Dar Global, said the company is proud to collaborate with Diriyah Co. and Dar Al Arkan on the development of the new site.
“We have delivered landmark projects across Europe and the Gulf Cooperation Council in partnership with globally recognized luxury brands. Bringing this experience to the Diriyah project, we will deliver a destination that combines heritage, elegance, and world-class standards, making Trump International Golf Club, Wadi Safar a truly iconic address,” El Chaar said.
Saudi Tourism Minister Ahmed Al-Khateeb said in a post on X that the project represents a milestone partnership and reflects momentum in developing destinations to international standards.
“From Wadi Safar in Diriyah, we laid the cornerstone for the Trump International Wadi Safar project within the Rayana Wadi Safar masterplan, which includes the launch of the Trump International Golf Club, alongside a Trump-branded hotel and a collection of luxury mansions,” he said.
Al-Khateeb added: “A milestone reflecting strong delivery momentum in developing destinations to global standards, underscoring Saudi Arabia’s growing appeal as a leading destination for tourism and investment through high-calibre international partnerships.”
Located on the outskirts of Riyadh, Wadi Safar in Diriyah is among Saudi Arabia’s most scenic and strategically important areas. It is envisioned as an upscale enclave that aligns with the wider Diriyah master plan, a central pillar of Vision 2030 aimed at economic diversification and enhancing the Kingdom’s global standing.
