Published: Tue, May 15, 2018
Money | By Armando Alvarado

Analyst Outlines Three Scenarios of EU's Actions After US Iran Deal Exit

Analyst Outlines Three Scenarios of EU's Actions After US Iran Deal Exit

The future of India's work at the port would depend on how strictly the US implements sanctions on countries that maintain business ties with Tehran.

The minister's outburst seemed to conflict with rhetoric he spouted on the same day, to the effect that "Trump's decision [to pull out of the Iran nuclear deal] will not have any impact on our oil export. that era is history now"; Zanganeh added that his industry would survive even if foreigners decided not to do business with the Islamic republic for fear of USA penalties.

British Prime Minister Theresa May has told US President Donald Trump that her government remains firmly committed along with her European partners to maintain the Iran nuclear deal, media reported on Saturday. Alongside China, France, Russia, the United Kingdom, and Germany, the United States wanted Iran to halt their nuclear weapons program. That country's rulers are attempting to convince the leaders of Britain, Germany and France, also parties to the 2015 deal, to shun new sanctions.

Trump declared on Tuesday that the US would withdraw from the Obama-era Iran nuclear deal, which sought to place sharp limits on the country's uranium enrichment in exchange for sanctions relief. President Hassan Rouhani said Sunday the country would remain in the deal if the other signatories continue to follow the agreement.

"The Bushehr station has never fallen under any sanctions due to a US-Russian agreement that Washington would not slap sanctions on Rosatom and its subcontractors in exchange for Moscow's cooperation on the Iranian nuclear agreement", Kozhanov said.

Meanwhile, the USA government tried to further pinch Iran's finances by disrupting a currency exchange network allegedly used to transfer millions of dollars to Iran's Revolutionary Guard.

As a quid pro quo, all global sanctions against Iran, the fifth largest exporter of oil, by United States and other countries, were lifted and Iran's economy, which had suffered all these years, was able to revive and come back to its feet.

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Andy Critchlow, head of EMEA energy content at S&P Global Platts, said, "I think it is hard to believe that there won't be some gamesmanship the next time that we gather in Vienna in June".

Last week, a senior Israeli intelligence official was in Ottawa to garner support for his government's opposition to the Iran agreement. "But as it is now, at least for the time being, we're the country that's isolated".

Trump's move has also divided the worldwide community and that will, at best, prolong the uncertainty in global oil supplies. U.S. oil output reached another record high last week, hitting 10.7 million bpd.

May raised the potential impact of United States sanctions on those firms which were now conducting business in Iran.

The US West Texas Intermediate crude futures went down 7 cents at $71.29 per barrel, which is still an arm's reach from Thursday's November 2014 high of $71.89 per barrel.

The possible collapse of a deal which had promised to keep Iran in check comes as Israel attacked Iran's military installations in Syria.

Investors are anxious that renewed sanctions on Iran, a major oil producer, could lead to supply disruptions.

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