Oil prices cut their losses on Tuesday after U.S. President Donald Trump announced that the U.S. is withdrawing from the Iran nuclear agreement and plans to reimpose "powerful" sanctions on Tehran. The deal between Iran and a group of world powers had lifted most U.S. and international sanctions on Tehran in return for its agreement to curb its nuclear activities. Some analysts have said the reinstatement of sanctions could lead to tighter global oil supplies. Iranian production, however, "is unlikely to be significantly impacted by pulling out of the agreement unless [Trump] can convince other allies to reimpose sanctions," said Jay Hatfield, portfolio manager of InfraCap's MLP ETF June West Texas Intermediate crude fell 93 cents, or 1.3%, to $69.82 a barrel. It was trading at $68.78 before the announcement. July Brent crude lost $1.67, or 2.2%, to $74.50.