Trump will be worm food, says Iran's supreme leader

Iran deal Trump

"If they do there will be very severe outcome".

Saudi Arabia is ready to work with other producers to mitigate any impact of a shortage after U.S. President Donald Trump chose to exit a 2015 nuclear accord and hit OPEC's third-largest producer with sanctions meant to curb its exports.

U.S. West Texas Intermediate (WTI) crude futures were at $71.42 a barrel, also not far off Thursday's November 2014 high of $71.89 per barrel.

In an update on its sanctions actions on Iran, the U.S. Treasury Department said countries that want extraordinary considerations should cut back on oil purchases from Iran over the next six months.

For U.S. oil producers, capitalizing and making up for the shortfall may not be possible.

EU Commission President Jean-Claude Juncker said in a speech to a Belgian regional parliament that Trump's decision shows the U.S.

Trump's adviser John Bolton said earlier that European firms doing business in Iran have a six-month deadline to wind up investments or risk U.S. sanctions.

Trump also pointed to Iran's actions in countries including Syria and Yemen.

Johnson said it falls to the USA administration to "spell out their view of the way ahead". Key U.S. allies in Europe and Asia are likely to defy or, at most, pay lip service to Trump's sanctions threats. However, China - which is now Iran's largest single customer for its oil - is unlikely to cut back on its purchases, since it will not wish to be seen as being bullied by Washington.

Major companies in the US and Europe could be hurt, too.

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That policy may falter in the wake of Trump's Iran sanctions. Mnuchin said he didn't expect oil prices to rise sharply, forecasting that other producers will step up production.

The leaders of France, Germany and the United Kingdom issued a joint statement affirming their commitment to the agreement, and have urged Iran "to remain committed to its full implementation and to act in a spirit of responsibility". The Saudi Arabian foreign ministry said in a statement, "The kingdom supports and welcomes the steps announced by the U.S. president toward withdrawing from the nuclear deal".

"I hope to be able to make a deal with them, a good deal, a fair deal - a good deal for them, better for them", Trump said at a campaign rally. He predicted Iran would choose to negotiate eventually, or face consequences.

"This could test the Trump administration's appetite for sanctioning foreign companies, and the term "significant" in the sanctions legislation potentially leaves some wiggle room which could be used to avoid a trade dispute", he said in a report emailed to UPI. Translated from diplomatic speak, this amounted to an accusation that the United States, and not Iran, was the country violating global law.

Meanwhile, for nations contemplating striking their own sensitive deals with Trump, such as North Korea, the withdrawal will increase suspicions that they can not expect lasting USA fidelity to global agreements it signs.

We will know more in three to six months how all the other parties to the deal, which regretted and criticised the U.S. decision, are doing in America's absence, and whether the Joint Comprehensive Plan of Action (JCPOA) will still work. Iran's support for extremist groups, its human rights violations, its backing of repressive allies, and its other violations of worldwide norms-while certainly wrong-are no worse than those committed by key USA regional allies.

Israeli Prime Minister Benjamin Netanyahu revealed on April 30 that Israeli spies had stolen Iranian nuclear plans.

Former Shell Oil President John Hofmeister on the potential impact of pulling out of the Iran nuclear deal on the oil market.

In a new assessment, however, the head of the United Nations nuclear watchdog unit, the International Atomic Energy Agency, said, "As of today, the IAEA can confirm that the nuclear-related commitments are being implemented by Iran". Iran is complying with its commitments, meaning that it is not threating the US and Europe or further destabilizing the region by restarting its historical nuclear weapons program. Obama described it as a model for what diplomacy can accomplish as he noted the irony of the USA cancelling an agreement that achieved the same outcome it is now trying to pursue with North Korea. Yet the Europeans realized he was unpersuaded.

Iran is the third largest supplier of crude oil to India after Saudi Arabia and Iraq.