According to a report by Reuters, the Trump administration is likely to impose new sanctions on multiple Iranian entities as early as Friday after the White House warned Iran on recent ballistic missile test. However, the new sanctions would be posed in such a manner that it doesn’t violate the nuclear agreement reached between Iran and five other countries under the Obama administration.

During the campaign, President Donald Trump, branded the nuclear deal as disastrous and said that he would be reviewing that deal. But that seems to of lesser priority for now. According to the report, the new sanctions could come as early as this Friday and it is far from clear whether the new sanctions would have an impact on the price of oil or not. Thanks to the nuclear deal, Iran has reemerged as a major crude oil producer and exporter in the Middle East. The Trump administration’s tough stance towards Iran could once again boost the oil prices in the near term.

WTI crude is currently trading at $54 per barrel and Brent $3.1 per barrel premium.