PM and Donald Trump discuss impact of USA sanctions on Iran

Howard TerryMay 14, 2018

Goldman Sachs Group Inc. predicts that Brent will rise to $82.50 a barrel in the coming months, and says there's a chance prices could surpass that level, but sees oil subsiding again in 2019.

Iran has always denied pursuing a nuclear weapon and accuses Israel of stirring up world suspicions against it.

The overnight price action suggests the speculative buying initiated by President Trump's decision on Tuesday to walk away from the Iran nuclear deal has tapered a bit as investors reassess the situation.

The agreement was made by Iran and the United States, the UK, Russia, France, China, Germany and the European Union to ensure Iran's nuclear programme was exclusively peaceful.

They also chanted "Death to America" and "We fight, we die, but we do not accept any compromise", the state-run Fars news agency said. In Iran's case, its closest current ally is Russian Federation. It would have been hard to get 51 votes for it in the U.S. Senate, let alone the 67 votes required to ratify a treaty.

President Trump's unilateral withdrawal from the Iran nuclear deal may have major consequences for Indian Prime Minister Narendra Modi.

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

The sanctions will not only bar US companies from doing business with Iran, but they also will hurt European and other companies by prohibiting them from using American banks unless they cut links with Iran.

Le Maire proposed creating a European body that would have the same kind of powers that the U.S. Justice Department has to punish foreign companies for their trade practices. "Do we want to be vassals deferring with a curtsy and a bow to decisions made by the USA so that the United States polices the world economy?" he asked, according to AP.

Even though companies can seek U.S. Treasury licenses to continue operating in Iran beyond the deadlines, the threat of U.S. sanctions will likely force them out, experts say.

It is a sentiment echoed by Germany and Britain, with UK PM Theresa May calling Trump to maintain that it would respect the treaty.

The US can not undo the pact, she said on Friday, as "this deal is not a bilateral treaty".

"By voting for Resolution 2231 the USA betrayed itself, because JCPOA is part and parcel of this resolution by the UN Security Council".

"The nuclear deal with Iran put the country's program under a microscope", she told AFP, saying the measures serve as "an early warning system that will set off alarm bells if Iran tries to cheat on its commitments or conduct illicit activities".

India is the third largest supplier of crude oil to India after Saudi Arabia and Iraq.

Days after the United States pullout, Israel carried out deadly air strikes on what it said were Iranian targets inside Syria.

The Trump Administration's plan to re-impose sanctions on Iran, and apply additional pressure on the Iranian regime, has heightened the fear that Iran will sponsor more terror attacks against Western targets, while its surrogates in both Syria and Lebanon (Hezbollah), will work to further destabilize the region, leading to an outright military confrontation between the sides. Israel's PM Benjamin Netanyahu is known to be a huge critic of Iran and supports Donald Trump in pulling out of the Iran deal.

One businessman in Iran said the renewed sanctions would certainly add to Iran's economic woes, but could never be as bad as the previous period under Barack Obama. And if that happens, it could be potentially destabilizing for the entire world.

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