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Oil prices swing wildly after Trump announces exit from Iran deal

10 May 2018

Rouhani warned that Iran was ready to resume its curbed nuclear activities if Iran's interests were not guaranteed under a deal without the United States.

The nuclear deal struck with Iran three years ago was far from flawless, but President Donald Trump's decision to abrogate it over the opposition of our European allies and without a clear strategy for replacing it is reckless and, most likely, self-defeating.

Supreme Leader Ayatollah Ali Khamenei, who has been in power since 1989 and outranks the elected president, had said Iran would "shred" the deal if the U.S. pulled out.

He urged his government to get guarantees from European powers before agreeing to continue with the deal.

It lifted sanctions on the country in exchange for Iran limiting its nuclear program, thus preventing it from obtaining a nuclear bomb.

It was signed by Mr Trump's predecessor, Barack Obama, between Iran and the five permanent members of the UN Security Council - the US, UK, France, China and Russian Federation - plus Germany.

"Yes, there is a real risk of confrontation", he told RTL, regarding Mr. Trump's decision on Iran.

It's not clear whether the European Union and Russian Federation and China, the other parties to the accord, will be able to ensure Iran receives the deal's promised economic benefits.

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"The kingdom supports and welcomes the steps announced by the United States president toward withdrawing from the nuclear deal. and reinstating economic sanctions against Iran".

Erdogan rebuked Turkey's North Atlantic Treaty Organisation ally for ripping up the agreement, which was signed under the administration of his predecessor Barack Obama.

European firms doing business in Iran now have a six month deadline to wind up investments, or risk United States sanctions, Trump's hawkish advisor John Bolton said, while ruling out talk of reconsideration.

"I do not trust these three countries", he said, apparently referring to France, Germany and Britain.

"Their words have no value", he said of foreign leaders. "However, the U.S. will lose in the end". "They have no shame".

He also described Trump's decision as "silly", "impudent" and "worthless".

"The deal is not dead. Sanctions will therefore (likely) be re-imposed on Iran, which will ultimately affect Iran's oil exports", said William O'Loughlin, investment analyst at Australia's Rivkin Securities.

Last month, he said the deal allowed for "pretty robust" inspections of Iranian facilities.

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Khamenei has been supporting the Iran nuclear deal while criticizing Donald Trump for not following the promises given under the agreement.

Why did the USA withdraw? The fruit of more than a decade of diplomacy, the pact was created to prevent Iran obtaining a nuclear bomb. "To the Iranian people I say: do not let anyone dismantle this deal, one of the greatest achievements of the global community".

Ska Keller, co-leader of the Greens/EFA group, said, "Donald Trump's solo run is a unsafe game with fire".

In announcing the US' violation of the JCPOA agreement, which he called "gruesome", Trump also cited Iran's ongoing ballistic missile programme and involvement in conflicts in Syria and Yemen.

The Turkish president also said Trump should have respected the agreement signed by the previous administration.

Trump defied the wishes of major world powers by announcing Tuesday that the USA would pull out of the historic nuclear accord and impose new sanctions on Tehran.

'I have ordered Iran's atomic organisation that whenever it is needed, we will start enriching uranium more than before'.

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Oil prices swing wildly after Trump announces exit from Iran deal