Iran's Zarif says had constructive EU meeting over nuclear deal: Tasnim

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Two days after Donald J. Trump made a decision to withdraw from the Iran nuclear agreement, Zanganeh said the US president is engaging in "shenanigans" in the oil market - and that he's cut a deal with some members of the Organization of Petroleum Exporting Countries to keep production down and prices high.

When asked whether the United States might impose sanctions on European companies that continue to do business with Iran, Bolton told CNN: "It's possible".

Major companies, particularly in Europe, could see billions of dollars in commercial deals cancelled because of the US decision to reinstall sanctions on Iran, though the ultimate impact remains unclear due to the possibility of renegotiations and exemptions, experts say.

Iran signed the nuclear deal in 2015 with the United States, as well as Britain, China, France, Germany and Russian Federation.

Among them is the possible use of an EU "blocking regulation" which would, in essence, ban European companies from respecting American sanctions when the sanctions might damage EU interests, notably trade and the movement of capital.

Zarif will meet on Tuesday with his counterparts from Germany, France and the United Kingdom in Brussels.

"The US decision to withdraw from the Iran nuclear deal was clearly the key driver of the week, with the potential loss of Iranian production coming as the market already faces a tight supply/demand balance", analysts at Schneider Electric said.

Economy Minister Peter Altmaier said Germany viewed President Donald Trump's unilateral withdrawal from the nuclear pact as wrong, adding that Berlin hopes Washington can still be persuaded not to punish foreign firms doing business there. It was widely believed to have been a successful piece of global diplomacy at the time, but Trump repeatedly referred to the deal as being the "worst ever" during his election rallies, pointing out that it made no mention of the Iranian ballistic program or the overall influence Iran exerted in the Middle East.

On Tuesday, the administration urged Iran to stop its support for Hezbollah, the Lebanese group that has joined Iranian forces in supporting Syrian President Bashar al-Assad.

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"We have to accept, be realistic about the electrified rail, the live wire of American extraterritoriality and how that can serve as a deterrent to businesses", Johnson said. As that view hinges on Opec reviving output and a limited impact on Iran from United States sanctions, prices could go even higher, it said, becoming the first Wall Street bank to suggest a return to $100.

"Zarif is saying we have our hardliners and ... who knows what they're going to do", Maloney said.

"It looks like you can still go on for six months", the source, who declined to be identified, said. We must, at least, make them worry about their commercial interests with us and link them to their position from imposing sanctions on Iran! The increased demand from additional high tariffs might see oil prices going sharply higher, at least temporarily, judging by what happened to steel prices, which sustained higher prices towards the end of last month following high import tariffs.

The U.S. wanted to reimpose sanctions if Iran began to expand its capacity to enrich uranium at that point.

Since the sanctions were lifted in 2016, major European companies, partly wary of the remaining USA sanctions on Iran, have been reluctant to do business with Tehran, which needs to attract over $100 billion in foreign investment to boost its crude output.

"At the moment it's not easy to quantify the possible economic impact of the USA withdrawal on European business activities", said the head of the EU's business lobby, Emma Marcegaglia, who called for "legal clarity".

The sanctions will target critical sectors of Iran's economy, including petrochemicals, energy and finance. It's a matter of seeing if other countries follow the US or not. "This is one step along the way", he added.

Mr. Pompeo said that North Korea's announcement that it would close its nuclear site and destroy its tunnels there was "good news".

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