Saudi Arabia May Seek Nuclear Weapons If Iran Restarts Nuclear Program

Iran deal 'not dead', says France

Iran deal 'not dead', says France

"The Europeans should not have to pay for the withdrawal of an agreement by the United States, to which they had themselves contributed", he said.

Dr. Majid Rafizadeh, a Harvard-educated Iranian-American political scientist, said that the reimposition of sanctions on Iran would likely make it more challenging for Iran to "hemorrhage billions of dollars" on proxies like Hezbollah and the Houthis.

Mehrdad Emadi, an Iranian economist who heads energy risk analysis at London's Betamatrix consultancy, said the currency market turmoil in some ways resembled this year's instability in Venezuela and Argentina's 2002 currency crisis. "The Treasury Department thanks the UAE for its close collaboration on this matter".

In a televised address from the White House, US President Donald Trump has said,"I am announcing today that the United States will withdraw from the Iran nuclear deal".

The United States plans to impose new sanctions against Iran, which produces about 4 percent of global oil supplies, after abandoning an agreement reached in late 2015 that curbed Tehran's nuclear activities in exchange for removal of USA and European sanctions. "It would not stop Iran from getting nuclear weapons".

Additionally, OFAC is revoking its favorable licensing policy applicable to USA persons for civil aircraft and parts, and US imports of Iranian carpets and foodstuff once again will be restricted.

Iran says as far as it's concerned the USA pullout has not killed the nuclear deal.

First, about half the 2.3M b/d of Iranian export crude oil still goes to China, India and Turkey (about 1.2M b/d is exported to those three nations, according to Poten and Partners head of research Erik Broekhuizen) and will continue to do so after U.S. sanctions are re-imposed.

Argus Media points out that roughly 70 percent of Iranian oil exports have gone to Asia under annual contracts, which means "meaningful cuts to imports would be unlikely to come in until early next year".

And apart from Dubai and Oman, the wealthy Gulf oil exporting states have minimal trade and investment links with Iran, meaning they have little to lose. While Airbus is a European company, it still announced that they will comply with the new USA sanctions.

The price of Brent crude oil could jump as high as $US100 a barrel next year as sanctions on Iran shrink inventories, analysts warn.

President Trump's withdrawal from the multi-national deal to halt Iran's nuclear weapons ambitions has drawn little reaction from the tanker market.

During a phone call on Friday, May said she was "firmly committed to ensuring the deal was upheld, as its the best way of preventing Iran from developing a nuclear weapon", Xinhua News agency reported quoting Downing Street spokesperson.

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). The U.S. has advised other countries to "significantly reduce" their purchases of oil from Iran.

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