While the Iranian decision will certainly draw most of the market's attention for the day, investors will be waiting for data on us crude oil inventories to get a sense of the cushion at play.
Shannon Rivkin, investment director of Australia's Rivkin Securities, said that oil prices had been driven up "thanks to growing concerns over the economic collapse of Venezuela and its oil industry, plus possible new sanctions against Iran from the Trump administration".
It's not often that an OPEC producer accuses the USA of driving up oil prices.
If you're headed to the pump Wednesday, prepare to see higher gas prices. The global benchmark crude, which is also on course for the highest close since November 2014, was at a $5.26 premium to July WTI.
Energy companies nearly doubled their first-quarter profit compared with a year ago, the best in the S&P, according to John Butters, senior earnings analyst at FactSet. "He wants higher prices". "U.S. shale producers turn the taps back on the longer prices remain above break-even", said Kerry Craig, global market strategist at J.P. Morgan Asset Management.
No one knows exactly how high prices will go.
The two aerospace giants were among the companies to receive US Treasury licences to begin conducting business in Iran under strict oversight after sanctions were lifted in the 2015 accord.
The global oil market is finely balanced, with top exporter Saudi Arabia and No.1 producer Russian Federation having led efforts to curb oil supply to prop up prices.
A second State Department official said the United States would be encouraging foreign firms to move out of Iran. Heightened geopolitical fears in the Middle East often raise prices. It's not yet clear what path Europe will take this time.
"Those things certainly have the market in a bit of a sideways pattern", he said.
Iran produces almost 4 million barrels a day out of global total of about 98 million barrels per day.
Gold prices slid as safe-haven buying failed to kick in after the US withdrawal from the Iran nuclear accord.
Aerospace companies had been perhaps the biggest beneficiary of the Iran nuclear accord, which recognised the need for Iran to modernise its aircraft fleet.
Iran's revenues from the oil and gas would be maintained as envisaged in the national budget bill, he said.
Offering the expected contrary opinion was Joe McMonigle, an energy analyst at Hedgeye Research, who believes Trump's announcing a decision four days earlier than expected is "a sign that he's planning on reimposing sanctions, and the only question for oil markets is how soon". China, Iran's largest customer, may be especially reluctant to cut Iran off because of the trade tensions between Beijing and Washington.
But that's exactly what Iran Oil Minister Bijan Namdar Zanganeh said on state television Thursday.
"Iran producers usually sell cargoes [on a] FOB [free on board] basis", with the freight cost borne by buyers, Yu said. Investors feared surging United States production would lead to another glut, but those concerns have eased.
That's up 27% since mid-2016 and means USA output is creeping ever closer to that of top producer Russian Federation, which pumps around 11 million bpd.