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Trump on Tuesday pulled the USA out of the landmark nuclear agreement that world powers struck in 2015 with Iran. In April, the exports from the country reached 2.6 million barrels per day.

For existing contracts, companies will have a "wind-down" period of three to six months.

The Treasury Department issued guidance on how the sanctions will be reimposed.

In Tehran, anger has grown not just over Trump's move but also Israel's barrage of air attacks on Iranian targets in Syria, in response to what Israel claimed was an Iranian rocket attack on the Golan Heights.

The larger, more complicated deals will be affected by the November 4 deadline.

USA bank Goldman Sachs said renewed sanctions and risks to supplies elsewhere, especially in Venezuela, meant there was a strong possibility of higher prices than the bank's summer Brent forecast of $82.50 per barrel.

Germany's BDI industry association said the EU, Russia and China should commit clearly to the deal, after Washington's new ambassador ruffled feathers by tweeting: "German companies doing business in Iran should wind down operations immediately".

The return of sanctions is likely to have "significant ramifications" for maritime trade with Iran, International Group of P&I Clubs, an umbrella organization whose members cover 90 percent of the global tanker fleet against risks including oil spills, said on Wednesday. "It's a way to give businesses a chance to get out".

Iran deal withdrawal a bad sign for the U.S. Pulling out of this deal has sent oil prices soaring, which rewards Iran and its equally petro-dependent ally, Russia.

The JCPOA is an worldwide agreement reached in Vienna on July 14, 2015 between Iran, the P5+1 (the five permanent members of the UN Security Council - China, France, Russia, United Kingdom, United States - plus Germany), and the European Union. Their ballistic missiles program threatens Israel, our allies in the region, and even US forces.

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Speaking after President Trump's decision, Iran's supreme leader Ayatollah Seyyed Ali Khamenei said that Iran would quit the landmark 2015 agreement unless the European leaders offer solid guarantees that trade relations with the EU would continue even if the USA sanctions are re-imposed on Iran.

Oil prices slipped on Friday, but remained near 3-1/2 year highs on Friday as the prospect of new USA sanctions on Iran tightened the outlook for Middle East supply at a time when global crude production is only just keeping pace with rising demand.

But there is no evidence that European leaders have an interest in this approach.

"This was a disgusting deal that should never, ever have been made", Trump declared.

"Come on", he said. If France's Total SA oil and gas giant were to exit, for example, China's top oil and gas company CNPC might simply take over its stake in the unfinished project, industry sources say.

Russia's top diplomat has denounced the pullout by the U.S. of the 2015 Iran nuclear deal as a "significant" violation of a United Nations resolution that endorsed the worldwide document back then.

Companies in San Diego used to do business with Iran before the regime change.

For Iran, there is benefit in the two ongoing face-offs: one between Europe-plus-America and Russian Federation, and the other between China and America.

"We will be instituting the highest level of economic sanctions", Trump said.