Oil prices on the rise after USA quits Iran deal

Oil heads for biggest weekly rise in a month as Iran sanctions loom

Royal Navy hero Admiral Lord West told Daily Star Online the decision by US President Donald Trump to axe the agreement was "extremely dangerous".

There is an existing European Union "blocking statute", from 1996, aimed at countering USA sanctions linked to communist Cuba.

He said Iran would start this "in the next weeks".

But he added that supporting such groups would remain a priority for Iran.

This week's speculative buying was initiated by President Trump's decision on Tuesday to walk away from the Iran nuclear deal. As a result and pending any further developments, all of the USA nuclear-related sanctions that had been waived under the JCPOA will be re-imposed and in full effect after November 4, 2018.

Oil-rich Saudi Arabia has long said it would match any Iranian weapons development, but Jubeir's renewed vow came after US President Donald Trump pulled the United States out of an accord created to prevent Tehran's alleged quest for the bomb.

The stance of Donald Trump basically questions the ethics of US as Trump ignored the view of former US President Barack Obama.

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Major European powers and Tehran committed Tuesday to keep working together to save the Iran nuclear deal despite U.S. Earlier in the week, France, Germany and the United Kingdom expressed "regret and concern" over the US' withdrawal.

Yet the team at Capital Economics doesn't believe Mr. Trump's withdrawal will be a big deal for oil prices in the end.

"Israel thinks that President Trump made an historic move", Israeli Prime Minister Benjamin Netanyahu said in a brief televised address.

European leaders had tried, but failed, in recent weeks to convince Trump to stick with the Iran deal, with the leaders of both Germany and France visiting Washington last week.

"The new phenomenon in Iran is the emergence of Russian investments and Russian projects in Iran", explains Khajehpour. In connection with the announcement, the U.S. Department of Treasury's Office of Foreign Assets Control ("OFAC") published guidance clarifying that, following applicable wind-down periods, the United States would begin re-imposing all nuclear-related sanctions that were lifted pursuant to the JCPOA.

Although most analysts believe the USA withdrawal has effectively scuppered the agreement, Iran's foreign minister talked up the prospects of its survival on Sunday while visiting China, another of the signatories. Iran's main trade partners are the United Arab Emirates and China, which account for 23.6% and 22.3% of the country's total trade, according to the European Commission. After the USA president announced his decision, President of the European Commission Jean-Claude Juncker suggested that the EU should replace the U.S. as an worldwide leader. For now, Washington is pursuing confrontation with Iran, and hoping that "maximum pressure" will force Iran to not only abandon any hint of a nuclear weapons program, but also agree to concessions on a range of non-nuclear issues.

That finding came from a 2015 report into Iran's nuclear activities.

The IAEA maintains Iran is still abiding by the deal, and that its inspectors have been given access to all nuclear sites.

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