Return of Iran sanctions fires up oil prices

Trump delivers a statement on the Iran nuclear deal from the Diplomatic Reception Room of the White House Tuesday

Iran said it would remain committed to the deal without Washington if Tehran achieved its goals - namely being protected from sanctions against key sectors of its economy such as oil - in cooperation with other countries that have signed up to the agreement.

Outside OPEC, soaring U.S. crude oil production could help to fill Iran's supply gap. As I have said many times before, the Obama Administration's behavior towards Iran was truly baffling, and I am glad that we have now reversed course. From the very beginning, I said this was a flawed, weak deal that serves the interests of bad actors in Iran at the expense of our own. The fact is that Iran remains the world's largest state sponsor of terrorism.

President Donald Trump's decision to exit the Iran nuclear deal has already pushed Brent prices above $77 per barrel.

Three American citizens returned home this week after they were released from detention by the North Korean regime.

Enterprise Ireland has said opportunities for Irish companies over the coming years could be in the hundreds of millions of euro.

May raised the potential impact of US sanctions on those firms which were currently conducting business in Iran.

Schirach is also the President of the Global Policy Institute and Professor of International Affairs at BAU International University.

Futures for September delivery on the Shanghai International Energy Exchange dropped 1.1 per cent to 471.2 yuan a barrel. "Plus we see a high likelihood of OPEC working with Russia in 2019 to set a floor on oil prices".

According to the most recent OPEC report, Iran was producing about 3,814 tb/d.

Meanwhile, Trump's move will likely keep geopolitical tensions high in the Middle East.

Officials in Brussels are updating that legal tool, known as the blocking statute, but there are doubts whether it will be effective in preventing European companies from leaving Iran. "In this context, we do not approve of regional actors' attempts to use Syria as a theatre for their national objectives".

In a phone call dominated by Iran, the Prime Minister and President agreed to hold talks between the UK and US governments on the effect ofsanctions on British companies.

Analysts also expect Saudi Arabia to be cautious and step in only to offset an actual supply loss, not an anticipated one.

The Trump government previously announced that the United States would withdraw from the Trans-Pacific Partnership free trade agreement and the Paris Agreement on countermeasures against climate change. Brent hit $78 a barrel, its highest since November 2014, the previous day.

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