Published: Thu, May 17, 2018
Markets | By Otis Pena

Iranians Protest Trump's Withdrawal From Nuclear Deal

Iranians Protest Trump's Withdrawal From Nuclear Deal

A day after the United States broke with the 2015 agreement and warned he would seek to hit European businesses that continued to trade with Tehran, the EU vowed to take steps to immunise firms from any US sanctions.

Still, Iran will feel the pain from USA sanctions, even without cooperation from the other global partners. Pertinently, North Korea believes it can at least rely on China as a buffer against potential USA aggression; Iran does not have a similar faith in Europe.

USA crude futures recently traded down 12 cents, or 0.17%, at $71.24 a barrel on the New York Mercantile Exchange. "The Treasury Department thanks the UAE for its close collaboration on this matter". "Even before the nuclear deal when the Iran regime was crippled with multilateral and unilateral economic sanctions, Tehran still continued to support militias, proxies and terrorist groups", Rafizadeh said.

White House National Security adviser John Bolton on Sunday said USA sanctions on European companies that do business with Iran were "possible, but Secretary of State Mike Pompeo said he remained hopeful Washington and its allies could strike a new nuclear deal with Tehran".

Saudi Arabia will seek to develop its own nuclear weapons if Iran does, Foreign Minister Adel al-Jubeir told CNN on Wednesday, amid spiraling tension between the regional rivals.

Sanctions come amid an oil market that has already been tightening due to strong demand, especially in Asia, and as top exporter Saudi Arabia and top producer Russian Federation have led efforts since 2017 to withhold oil supplies to prop up prices. A muted reaction from Iran would paint the the aggressor, allowing Iran to more latitude to skirt US enforcement.

Donald Trump
GETTY DONALD TRUMP The US President axed the Iran deal sparking fury in the Middle East

President Trump further called the Iran nuclear deal as "defective", adding that Washington would reinstate sanctions against the Islamic republic.

The impact on Iran's oil exports will depend on how buyers in Asia and Europe react to USA sanctions, which may not be clear for months.

The American president's withdrawal, as well as increasing investments into alternative energy, sent prices soaring last week to their highest level since 2014, the NZ Herald reported.

The Iranian crude oil export took a nosedive after sanctions were imposed on the country back in 2012, limiting its oil production to 2.5 million barrels per day (it had previously been 3.8 million).

In December 2016, Airbus signed a deal with Iran's national carrier, IranAir, to sell it 100 airplanes for around US$19 billion at list prices. The increased demand helps to overcome the over-crowding that has been pursuing the markets. Prices jumped 3% Wednesday after President Donald Trump said the USA would exit a 2015 nuclear deal between the Persian Gulf state and world powers that had eased restrictions on the Islamic Republic's crude exports. The rally is being driven by looming USA sanctions against major oil producer and OPEC-member Iran which threaten to drive prices even higher over the near-term as traders prepare for an even tighter supply situation.

US Secretary of State Mike Pompeo said the files provided proof that the Obama-era nuclear deal was "built on lies", the BBc report said.

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