Iran Sanctions - President Trump's Announcement of US Withdrawal from JCPOA

Saudi Arabia wants nuclear bombs if Iran restarts its weapons programme

"The Europeans should not have to pay for the withdrawal from an agreement by the USA, to which they had themselves contributed".

Still, Iran will feel the pain from USA sanctions, even without cooperation from the other global partners. Insurance companies will be very reluctant to underwrite cargoes and vessels touching Iran after the sanctions are imposed.

"Certain U.S. allies, including Japan and South Korea, may comply with the proposed U.S.re-imposition of Iranian sanctions on the concern of losing the U.S. security umbrella vis-a-vis North Korea", said Khoman. Today's "pretty constructive inventory report out of the U.S.is also supportive". "The Treasury Department thanks the UAE for its close collaboration on this matter".

President Donald Trump's decision to withdraw from the Iran nuclear deal and re-impose sanctions means companies worldwide must stop doing business with the country or run afoul of the US government, which can impose fines or other punishment.

The US President declared on May 8 that the country had withdrawn from the Iran nuclear deal due to it being "defective at its core", despite attempts by European Union countries to persuade him to keep the deal. Iran is still sticking to its nuclear commitments, according to IAEA inspectors.

Additionally, OFAC is revoking its favorable licensing policy applicable to USA persons for civil aircraft and parts, and US imports of Iranian carpets and foodstuff once again will be restricted.

This all comes at a time when the global oil supply is slimming down. A muted reaction from Iran would paint the U.S.as the aggressor, allowing Iran to more latitude to skirt USA enforcement.

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During his announcement, President Trump stated that the United States would institute the "the highest level of economic sanctions" against Iran and would impose sanctions on any nations that assist Iran obtain weapons of mass destruction. That's because the US will reimpose sanctions on Iran's economy and its oil exports. Fleet movement data analysis showed that roughly half the fleet had spent the time under sanctions storing crude oil and the rest trading with China and India under long-term barter agreements.

There is some chatter in the markets suggesting Kuwait and Iraq as two producers with the best ability to raise output quickly in response to any fall in Iranian exports.

Third, if Iranian crude oil is stymied by USA sanctions and the United States banking system is limiting access to finance and insurance, then OPEC will have to open the taps to replace the loss of Iranian crude oil.

Crude oil has zoomed above $71 a barrel, returning to levels not seen since late 2014 and pushing up pump prices.

Iran, which pumps about 4 percent of the world's oil, exports about 450,000 barrels per day (bpd) to Europe and around 1.8 million bpd to Asia.

Officials are considering whether a drop in Iranian exports and a decline in supply from another OPEC member, Venezuela, demands adjusting the deal that runs to the end of 2018. A Chinese oil company also has a deal to develop the country's massive South Pars offshore natural gas field.

European countries said they remained committed to the deal and called on Washington not to prevent other countries from implementing it.

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