Published: Fri, May 11, 2018
World Media | By Shelia Harmon

Oil Crashes Ahead Of Trump's Iran Deal Decision

Oil Crashes Ahead Of Trump's Iran Deal Decision

President Donald Trump has warned Iran against resuming its nuclear weapons programme, a day after announcing that he was withdrawing the United States from the landmark Iran nuclear deal.

U.S. Treasury Secretary Steve Mnuchin said a license for Boeing Co to sell passenger jets to Iran will be revoked, scuttling a $38 billion deal.

Donald Trump nuclear deal pullout: Iran's President Hassan Rouhani said, "The US has announced that it doesn't respect its commitments".

Earlier in the day, Iranian President Hassan Rouhani called the decision of United States as "unacceptable".

During the Majlis' Wednesday session, Speaker Ali Larijani said Trump's decision to leave the JCPOA and re-impose anti-Iran sanctions was a violation of the accord that would isolate the U.S.

Trump said he definitive proof that Iran has violated the 2015 agreement aimed at freezing the country's nuclear ambitions.

Trump announced Monday via tweet that he would speak on the deal, one he has called "one of the worst" deals in US history.

He also said he regrets Trump's decision.

Trump's threats regarding the nuclear deal have influenced Iran to consider all possible outcomes, including a JCPOA without the US, but which might still include some European allies, China and Russian Federation. "But we will not use our weapons against our neighbors", Rouhani has said. "We are going to engage them constantly, as we have been, to try to get to a place where we come to an agreement that better addresses the totality of the Iranian regime's threat".

The UK has issued revised recommendations for European firms with business ties to Iran, warning them to consult the US' plans for the sanctions before making investments.

"I hope that all other parties to the agreement, including Iran but also the European Union and others, will continue to implement the agreement".

Iran hopes the European Union will pass laws to protect European firms from any potential U.S. sanctions. "We are assessing the implications which it might have on our interests", he said, adding it was too early to analyse implications of the United States decision on India.

Sanctions on Iran could further raise the price of oil, analysts say, but Iran itself is not a fan of too high oil prices.

Stoking fears of a Middle East arms race, Saudi Foreign minister Adel al-Jubeir told CNN the kingdom would pursue its own nuclear weapons if Iran resumed its alleged quest for the bomb.

"Aren't such idiotic measures shameful for a country with a claim on global management that even its allies are trying to stop him from taking them and control him?" he asked, referring to European leaders' support for the deal.

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