Published: Fri, May 11, 2018
Worldwide | By Sean Reid

Trump announcing decision on Iran nuclear deal

Trump announcing decision on Iran nuclear deal

However, Wednesday's demonstration reflected public anger in Iran after Trump's decision.

Trump's decision could eventually mean less oil on the world market from Iran because now the US will reimpose economic sanctions on Iran that were lifted as part of the 2015 deal.

The Trump administration kept the door open to negotiating another deal with allies, but it is far from clear whether the Europeans would pursue that option or be able to convince Iran to accept it.

Other signatories, including major trade partner Beijing, also promised to work to uphold the accord.

British Foreign Secretary Boris Johnson told his Parliament that Britain will continue to respect the deal as long as worldwide inspectors can verify Iran's compliance.

European officials will "do everything" possible to protect the interests of companies working in Iran, which may now be exposed to new US sanctions against the country, an official in the French presidency said on May 9. We don't do something just because the United States does it.

A watchdog has reported nine times that Iran had complied with the terms of the agreement, he added.

He said Iran would start this "in the next weeks".

Saudi Arabia has said it will take all necessary measures to prevent oil supply shortages following the U.S. withdrawal from the Iran nuclear deal.

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In response, Rouhani warned Iran could resume uranium enrichment "without limit".

The US administration also singled out Iran's main ocean carrier, Islamic Republic of Iran Shipping Line (IRISL).

"China is the country most likely to fill the shoes of the USA", analyst Alex Vatanka, a senior fellow at the Middle East Institute, told Business Insider.

The lawmaker emphasized that none of the parties in the Iranian nuclear deal, including the USA itself, had previously expressed dissatisfaction over Iran's fulfillment of the deal's conditions.

In a brief statement Wednesday, the International Atomic Energy Agency's director-general, Yukiya Amano, said that "as of today, the IAEA can confirm that the nuclear-related commitments are being implemented by Iran".

Menendez needed no convincing to oppose the deal, but agreed with Booker that the US was better off with a flawed agreement that could be tightened down the road. Anticipation of Trump's announcement was one reason, but traders also were watching for potential supply disruptions, such as reports that ConocoPhillips is trying to seize assets owned by Venezuela's state-owned oil company to satisfy an earlier arbitration award.

All of the U.S.' negotiating partners - the U.K., France, Germany, Russia, China and the European Union - had agreed that maintaining the accord was the best way to reign in Iran's program.

Mr Johnson also said the government would do its utmost to protect United Kingdom commercial interests in Iran from U.S. sanctions.

The move offers Trump a domestic victory, fulfilling a longstanding campaign promise, and sent oil prices surging to levels not seen in three years - but the long-term impact for United States foreign policy and for the Middle East was less clear.

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