Oil near multi-year highs as Iran sanctions tighten supply outlook

UAE minister of state for foreign affairs Anwar Gargash said “Iran’s rhetoric and aggressive regional actions were the background to a flawed deal”. Fayez Nureldine  AFP

UAE minister of state for foreign affairs Anwar Gargash said “Iran’s rhetoric and aggressive regional actions were the background to a flawed deal”. Fayez Nureldine AFP

In a lengthy government statement on Friday, the Iranian government warned that it would take "whatever reciprocal measures it deems expedient" if it is not fully compensated for the US withdrawal from the nuclear agreement as provided for in the accord.

"We have to work among ourselves in Europe to defend our economic sovereignty", Le Maire told Europe 1 radio ahead of talks with Dutch Finance Minister Wopke Hoekstra.

Europeans are seeking to demonstrate that they can still deliver most of the economic benefits Tehran was promised in exchange for limiting its nuclear program and allowing a robust system of worldwide inspections, as well as persuade European companies active in Iran not to abandon their deals out of fear of being penalized by the U.S.

"We want to reinforce this regulation and incorporate the recent decisions taken by the United States", Le Maire said.

Iran said it may resume uranium enrichment in a higher rate in weeks if it finds nuclear deal will not work anymore after the US pullout from the deal.

France and its European allies plan to submit proposals to the European Commission that are created to strengthen Europe's capacity to defend its economic interests, France's finance minister, Bruno Le Maire, said on Friday.

The leaders of Britain, France and Germany tried but failed to persuade Trump to stick with the deal.

Analysts say oil prices are already high enough to cause a drag on the economy.

Russian President Vladimir Putin and German Chancellor Angela Merkel spoke Friday and underlined their aim of preserving the deal and peace in the Mideast.

Even the US needs global partners, she cautioned, saying: "No country is big enough to face this world alone". But Muslims-i.e. Saudi Arabia-have their problem with what they regard as a "Shia" Iranian bomb.

AT&T says hiring Trump attorney Michael Cohen was a 'serious misjudgment'
But although the two men arrived within minutes of each other, they did not meet that day and have never met, AT&T said this week. AT&T also said, "we didn't ask him to set up any meetings for us with anyone in the administration and he didn't offer to do so".

EUROPEAN BUSINESSES will face the greatest backlash, having invested heavily in Iran's automotive, aviation and oil and gas sectors since the deal went into place.

US businesses will also be affected by the sanctions, although they represent a small portion of the investment rush that Iran enjoyed in light of the nuclear deal.

"This deal is not a bilateral treaty".

President Donald Trump's decision will likely most hurt aircraft makers, oil companies and auto manufacturers.

Tens of thousands of Iranians have marched in Tehran and other major cities to protest against Washington's withdrawal from the 2015 nuclear accord between Tehran and six world powers and the U.S. re-imposition of sanctions on Iran.

However, Le Maire acknowledged he has "no illusions" that he'll get what he asked for.

Celia Belin, a former policy adviser to the French foreign ministry and a visiting fellow to the Brookings Institution in Washington, says Europe will not reimpose its own sanctions on Iran.

The U.S. has given buyers 180 days to wind down shipments from the Middle East producer to avoid penalties. Jean-Claude Juncker, the president of the European Union's executive body, said the U.S.

Meanwhile, the US government tried to further pinch Iran's finances by disrupting a currency exchange network allegedly used to transfer millions of dollars to Iran's Revolutionary Guard.

Recommended News

  • Trump Explodes at Staff for Not Deporting Immigrants Faster

    Trump Explodes at Staff for Not Deporting Immigrants Faster

    Trump's tirade went on so long that many present began fidgeting in their seats and flashing grimaces, White House aides said. Kelly, the White House chief of staff, oversees the 20,000 employees who work for Immigration and Customs Enforcement.
    Lost truck production will hit second quarter earnings, says Ford

    Lost truck production will hit second quarter earnings, says Ford

    Ford has sold 287,000 F Series trucks in the United States in the first four months of this year, up 4% compared to a year ago. Ford had to stop production of the F-150 this week due to a parts shortage from a supplier.
    Donald Trump Announces Details Of Meeting With Kim Jong Un

    Donald Trump Announces Details Of Meeting With Kim Jong Un

    Details of the highly anticipated meeting between the two heads of state were announced by Mr Trump on Twitter . They agreed to pursue "complete denuclearization" and a peace treaty to formally end the 1950-53 Korean War.
  • Ford suspends Super Duty production at Kentucky Truck Plant

    Ford suspends Super Duty production at Kentucky Truck Plant

    Ford is forced to temporarily stop making the F-150, one of America's best-selling vehicles, due to a problem in its supply chain. Unifor local 200 president John D'Agnolo says the shutdown at Essex plant is only for two days, but it could be longer.
    Google bans abortion ads ahead of Irish referendum

    Google bans abortion ads ahead of Irish referendum

    Both companies claimed they are concerned about foreign groups influencing the election through ads on their platforms. The ban includes ads on the YouTube video platform, which is owned by Google.
    Rockets set to host Warriors in Western Conference Finals

    Rockets set to host Warriors in Western Conference Finals

    The Western Conference Finals get underway in the Lone Star State with the two teams that most expected to be here squaring off. On Tuesday night, with Harden struggling, Chris Paul showed that he is the extra superstar that Houston was previously missing.
  • Zidane tight-lipped on Neymar speculation

    Zidane tight-lipped on Neymar speculation

    Neymar was very complimentary about strike partner Kylian Mbappe, who will make his loan move to PSG from Monaco permanent in the summer.
    Summit with Kim Jong Un will be in Singapore on June 12

    Summit with Kim Jong Un will be in Singapore on June 12

    It also will be acceptable to Beijing, North Korea's only major ally and still a strong influence over Pyongyang. In the case of the Nuclear Weapon Ban Treaty, North Korea would sign if and when the United States signs.
    Cool New Features Coming to Google Assistant

    Cool New Features Coming to Google Assistant

    Hey Google, Alexa, Siri and Cortana - why do you have to be female? The feature would be rolled it out to all users this month. Consequently, now, you needn't say "Okay Google " or "Hey Google" like before when going for follow-up questions.
  • Hawaii Kilauea volcano could soon explode in once-in-a-century eruption

    Hawaii Kilauea volcano could soon explode in once-in-a-century eruption

    About 2,000 people have been evacuated from the neighborhoods were lava has oozed from the ground. A line of spattering along a lava lake margin of the Kilauea Volcano last month.
    Germany, France, Britain to stay with Iran nuclear deal

    Germany, France, Britain to stay with Iran nuclear deal

    The Iranian president, in turn, underlined that Tehran's interests in the JCPOA should be clearly guaranteed. Instead, Europe has to take its destiny into its own hands. "That's the task for the future".

    Revise Iran nuclear deal: Arab League

    Preventing the two countries from having a nuclear-weapon capability and competing in a nuclear arms race is the goal. The JCPOA is in America's interest - it has significantly rolled back Iran's nuclear program.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.