Britain Firmly Committed To Ensuring Iran Nuclear Deal: May

U.S. President Donald Trump tore up the Iran nuclear deal this week | Saul Loeb  AFP via Getty Images

Reminding Iranians of this point, Ayatollah Khatami said Europeans had been expected to invest in Iran after the nuclear agreement took effect but most never did.

USA crude futures recently traded down 12 cents, or 0.17%, at $71.24 a barrel on the New York Mercantile Exchange.

Iran on Friday condemned Israel's air raids in Syria, saying they had been launched on "invented pretexts". Additionally, the drop in production in Venezuela because of the political instability in the country, the continued political shakiness in the Middle Eastern region as well as production cuts by the OPEC countries as well as Saudi Arabia have led to the prices of oil increasing.

US investment bank Jefferies said in a note it expects Iranian crude oil exports to start falling in the next few months. Washington should solve frustrations with global agreements through negotiations with the countries concerned.

According to Reuters, Asian refineries have already started preparing themselves for replacing Iranian crude.

Bruno Le Maire said Friday on Europe-1 radio that Europe should not accept that the U.S.is the "world's economic policeman". This formula, during pre-JCPOA years, halved Iran's oil exports and limited it to almost one million barrels per day in exports.

In a statement published Friday, Iranian Foreign Minister Javad Zarif said he would embark on a round of global diplomacy to try and save the deal. However, there were signs that other members of the Organization of the Petroleum Exporting Countries (OPEC) will raise output to counter the Iran disruption.

"If the reimposition of US sanctions on Iran leads to a reduction in Iran's oil output and exports, OPEC and its allies could exit the deal at the end of the year or even sooner in order to prevent a supply shortage in the oil market", said Thomas Pugh, commodities economist at Capital Economics.

On May 8, President Donald Trump violated the terms of the JCPOA by withdrawing from the accord despite the fact that Iran remained in compliance as verified by the IAEA in 11 inspection reports. India imported $10.5 billion worth of goods, mainly crude oil, and exported commodities worth $2.4 billion.

Iran's Foreign Minister in China to rescue nuclear deal
Washington's decision to withdraw from the deal and reimpose sanctions angered its European allies as well as China and Russian Federation .

"In addition, there are downside risks to Iranian crude oil exports".

Rainer Seele, chief executive of Austrian oil and gas company OMV, told German daily Handelsblatt that he expects prices to rise as the United States moves to reimpose sanctions.

State TV aired footage of demonstrators shouting slogans against the US and Israel at rallies in Tehran and other cities and towns nationwide after Friday prayers.

India, the second largest importer of Iranian oil, is unlikely to be immediately affected by US sanctions.

It could be argued that U.S. shale oil production is booming and that it could cover the loss of supplies from global imports.

Reimposition sanctions on Iran will likely have consequences that go against the stated objectives of the Trump administration.

Senior administration figures insisted that Washington is still determined to work with its humiliated allies to prevent Iran from developing a nuclear bomb.

The other key actor to watch is Saudi Arabia.

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