Oil jumps after US abandons Iran deal, plans 'highest level' sanctions

Oil jumps after US abandons Iran deal, plans 'highest level' sanctions

Iran in the third largest exporter of crude within the Organization of the Petroleum Exporting Countries (OPEC), with April exports standing above 2.6m barrels per day (bpd).

The United States plans to re-introduce sanctions against Iran, which produces around 4 per cent of global oil supplies, after abandoning an agreement reached in late 2015 that limited Tehran's nuclear ambitions in exchange for removing US-Europe sanctions.

Asked whether Riyadh would "build a bomb itself" if Tehran seizes on Washington's withdrawal from the 2015 Iran deal to resume a nuclear weapons program, Jubeir said: "If Iran acquires nuclear capability we will do everything we can to do the same".

Trump yesterday argued that the deal struck by the previous Obama administration and world powers was "defective at its core" and that he would pull out and reimpose sanctions on Iran, the world's fifth-biggest oil producer.

Trump's interpretation of USA strategic interests has also led to withdrawal from major global climate and trade accords, the paper said, noting that many have expressed concern about the lack of a visible plan.

Oil prices pared losses after dropping sharply Tuesday on the back of mounting uncertainty around the Iran nuclear deal.

The two leaders agreed for their teams to hold discussions on the potential impact of U.S. sanctions on firms doing business in Iran.

"These sanctions do impact all the major industries (in Iran)".

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On Wednesday, India had said that all the parties concerned should engage constructively to resolve the Iranian nuclear issue peacefully.

"The focus of oil markets is now on the USA president's pending decision on the fate of the Iran nuclear deal", said Victor Shum, an oil industry analyst at research firm IHS Markit.

Oil prices clocked up more multi-year highs yesterday as traders adjusted to the prospects of renewed U.S. sanctions against major crude exporter Iran amid a tightening market. The future of the commodity rose by more than 8% last month and by over 15% since the beginning of the year.

"We believe the previous 1 million BPD (barrel per day) limit for exports (imposed during previous sanctions) will be reimposed".

Saudi Arabia also backed Trump's decision on his country withdrawing from the Iran nuclear deal.

If that fails, the European Union could also use a blocking statute to protect companies conducting business with Iran from U.S. sanctions, as it did when it lifted its own sanctions on Cuba.

"The average family out there can expect to pay about $200 more than they paid last driving season and about $250 more than the 2016 driving season", says Kloza.

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