Oil prices settle lower after USA decision to leave Iran nuclear deal

Oil rises to US$ 70 a barrel, ahead of Trump's Tuesday decision on sanctions to Iran

Oil rises to US$ 70 a barrel, ahead of Trump's Tuesday decision on sanctions to Iran

Ignoring pleas by allies, Trump on Tuesday pulled out of an worldwide deal with Iran that was agreed in 2015, a move that raises the risk of conflict in the Middle East and casts uncertainty over oil supplies in an already tight market.

The impact on Iran's oil exports will depend on how buyers in Asia and Europe react to US sanctions, which may not be clear for months. The U.S. has given buyers 180 days to wind down imports from the Middle East producer to avoid penalties.

"Do we want to be vassals who obey decisions taken by the United States while clinging to the hem of their pants?"

Boeing has yet to deliver any aircraft to Iran under those deals and said that it will "continue to follow the US government's lead".

One factor that could partially mitigate any shortfall from Iran is soaring US oil output.

Among U.S. companies, plane maker Boeing has signed the biggest deals, and U.S. Treasury Secretary Steven Mnuchin said Tuesday that its existing licenses - as well as those of its European competitor, Airbus Group - would be invalidated.

The White House said Trump had spoken with French President Emmanuel Macron on Saturday and "reiterated the need for a comprehensive deal that addresses all aspects of Iran's destabilzing activity in the Middle East".

Merkel said Friday the unilateral USA withdrawal undermines confidence in the global order, but that it wasn't enough to abandon decades of cross-Atlantic cooperation.

"What the full impact on Iranian flows will be is still hard to estimate", said Petromatrix strategist Olivier Jakob. The grouping includes Kazakhstan, Belarus, Armenia and Kyrgyzstan.

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Iranian Oil Minister Bijan Zanganeh said on Thursday that U.S. President Donald Trump's decision to quit a multinational nuclear deal would not affect Tehran's oil exports.

"This deal is not a bilateral treaty". "We have to have more to announce in the next few weeks", and legislation is one of the "options being discussed", said Carr.

She called for calm on all sides. "It's exactly this kind of uncertainty that is driving record levels of energy investment from Canada", she said. "It seems that today screaming and shouting, insulting and bullying, systematically destroying and dismantling everything already in place is the mood of our times". In addition, the USA president announced the restoration of all sanctions, the effect of which was suspended as a result of the deal.

ANALYST'S TAKE: "Geopolitical risks are heightened especially if Iran retaliates, but it could wait and see if the deal is completely undone or if there is scope for it to continue without the U.S.", Mizuho Bank said in a daily commentary.

Planemakers Airbus and Boeing, oil companies and auto manufacturers like France's Renault and Peugeot could be among companies hardest hit.

Analysts had little hope that opposition to the USA action would prevent sanctions from going ahead.

Facing that reality, Le Maire said the European Union should strengthen its own legal arsenal against any such future USA threats. Saudi authorities said they intercepted the missiles. "If banks stop us, we might stop".

"It is not yet clear which concrete sanctions the US will impose".

As a private citizen, Bolton suggested in the past that the United States push for a change in Iran's government.

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