Oil prices near multi-year highs as Iran sanctions tighten supply outlook

Iran vows to enrich uranium if US opts out of nuke deal

Oil prices near multi-year highs as Iran sanctions tighten supply outlook

Trump said that he will re-impose even stronger sanctions against Tehran to make the Islamic republic sit at the negotiation table for changes of "flaws" in the deal.

Mr Trump said this week that the 2015 nuclear deal which allowed for the lifting of sanctions was not tough enough on Iran.

Khamenei who was speaking from his country's capital of Tehran addressed the American president directly, saying: "You can not lift one finger against us".

Trump described the deal as "horrible" and "one-sided" as he announced United States withdrawal on Tuesday, which could lead to penalties for European businesses that have begun trading with Iran since it was signed in 2013.

He also urged European nations to defend themselves against America's anti-Iran sanctions.

July West Texas Intermediate crude oil is in a position to post its highest close since late 2014 on Friday. Iran is seeking "whatever reciprocal measures it deems expedient" and expects to be compensated for what it sees as a breach of the agreement by the U.S. "There is no one who will realistically choose Iran over the USA", said energy consultancy FGE.

Besides economic pressure, Obama's success in bringing Khamenei's men to the negotiating table was based on two other factors: Obama's ability to create an global consensus, and assuring Khamenei that the USA is not following a regime change policy. In retaliation to the attacks on Iran's military systems in Syria, prominent Iranian cleric Ayatollah Ahmad Khatami threatened attack on two of Israel's most important cities if the Jewish nation continued on its "foolish" ways.

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The fact is that US Congress and government authorities didn't really consider the JCPPOA as an "independent phenomenon", but defined it as one of the pieces of the puzzle of "controlling and restraining the powerful Iran".

And the Number 10 spokesman added: "The Prime Minister raised the potential impact of United States sanctions on those firms which are now conducting business in Iran". But we are seeing the gloves come off as Iran and Israel have tested each other's military prowess just days ago in the Golan Heights.

Facing that reality, Le Maire said the European Union should strengthen its own legal arsenal against any such future US threats.

Trump's move also enables Iran's hard-liners to tighten their grip, weakening reform-minded leaders who want to cooperate with Europe and the United States.

"The situation around the Joint Comprehensive Plan of Action following the unilateral withdrawal of the U.S. was discussed".

"At the end of May I will meet with the British and German finance ministers and the three of us will look at what we can do", he said. This formula, during pre-JCPOA years, halved Iran's oil exports and limited it to almost one million barrels per day in exports. Those EU efforts ultimately yielded a political agreement with Washington that effectively shielded European companies from enforcement action by the U.S.

While there were no concrete steps immediately agreed upon, the refusal of European allies to accept Trump's decision is likely to draw the president's ire.

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