Oil analyst says Iran sanctions 'will create market opportunities' for Saudi Arabia

Screen Shot 2018 05 10

He also vowed to reinstate the sanctions against Iran that were lifted as a result of the agreement.

The deal limits Tehran's nuclear ambitions in exchange for the lifting of sanctions by the USA and Europe.

In 2015, Iran, China, France, Germany, Russia, United Kingdom, United States, and the European Union created the JCPOA, under which worldwide sanctions on Iran would gradually be lifted in exchange for Tehran maintaining the peaceful nature of its nuclear program.

According to presidential sources, Erdogan and Putin agreed that the USA decision on the nuclear deal is "wrong" and pointed out that the nuclear deal was a diplomatic success that should be protected.

France's top diplomat Jean-Yves Le Drian said Washington needed to negotiate with its European allies on any sanctions that might affect their companies.

Germany said it would spend the next few months trying to persuade Washington to change its mind.

"At the end of May I will meet with the British and German finance ministers and the three of us will look at what we can do". "It depends on the conduct of other governments".

Asked what his country will do if Iran restarts its nuclear program, Adel Al-Jubeir told CNN's Wolf Blitzer that "we will do whatever it takes to protect our people".

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In a tweet on Sunday, Trump wrote: "Remember how badly Iran was behaving with the Iran Deal in place. Now, that will not happen!"

Oil prices had been supported by expectations that Trump would pull out of the deal, which could hit Iranian crude exports and feed geopolitical tensions in the Middle East, home to one-third of the world's daily oil supply.

German Economy Minister Peter Altmaier said he would work with affected companies to try to "minimise the negative consequences" of the USA move, adding: "That means, it is concretely about damage limitation". "We have made it very clear that if Iran acquires a nuclear capability we will do everything we can to do the same".

"The fact is, this was a terrible, one-sided deal that should have never, ever been made", Trump said.

Oil prices dipped on Friday, easing from multi-year highs in the previous session on hopes that alternative supplies could replace a looming drop in Iranian exports from USA sanctions.

Bolton said Europe was still digesting Trump's move last week.

"The Prime Minister raised the potential impact of United States sanctions on those firms which are now conducting business in Iran".

"That's what we are going to do and I will be hard at it with the Europeans in the next several days", said the top United States diplomat.

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