Oil prices highest in years as markets prepare for looming Iran sanctions

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Still, British Prime Minister Theresa May on Friday reiterated her support for the Iran nuclear deal and agreed with Trump that talks were needed to established how USA sanctions would affect companies operating in Iran.

After President Donald Trump announced Tuesday that he would withdraw the USA from the Iran nuclear deal, crude oil prices reached new highs since November 2014. For oil and other petroleum products there will be a 180-day period in which people doing business with Iran will be able to wind down those operations before facing penalties.

Since the Iran nuclear deal was struck in 2015, it was mainly European companies that moved back in to strike deals with Iran, making Trump's decision particularly painful for the region.

"The prime minister raised the potential impact of US sanctions on those firms which are now conducting business in Iran", her spokeswoman said.

"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".

The pact's signing had been planned for long time, but the move coincides with the US move to re-impose sanctions against Iran that have rattled USA allies. "If banks stop us, we might stop". Treasury Secretary Steven Mnuchin said that licenses held by Boeing and its European competitor Airbus to sell billions of dollars in commercial jetliners to Iran will be revoked.

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Zanganeh said foreign investment was needed to develop Iran's its oil industry, but that it could survive even if foreigners chose to stay away for fear of US penalties.

Oil prices on Friday held multi-year highs reached the previous session as looming USA sanctions against major oil producer and OPEC-member Iran threatened to tip an already tight market into undersupply.

US allies in Europe had tried to keep him in and lamented his move to abandon it. Iran's leader ominously warned his country might "start enriching uranium more than before".

The price of oil rose sharply on Wednesday to its highest since 2014 on expectations that the new sanctions will crimp Iranian energy exports.

"We believe the previous 1 million bpd limit for exports (imposed during previous sanctions) will be reimposed".

The pact was signed to prevent Iran from developing nuclear weapons, and in effect made it impossible for the country to produce a bomb.

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"We expect Iran will continue to implement the Additional Protocol and cooperate with the IAEA whether or not the JCPOA remains in place", one senior administration official said.

Babüroğlu proceeded to say that the tensions between Israel, the United States and Iran would affect Turkey, which maintains close ties with Tehran on a wide range of matters in the regions.

"The holy system of the Islamic Republic will step up its missile capabilities day by day so that Israel, this occupying regime, will become sleepless and the nightmare will constantly haunt it that if it does anything foolish, we will raze Tel Aviv and Haifa to the ground", he said, according to state television.

With the world in a "state of chaos", she said the European Union needs to control tensions by preserving the Iran deal.

"These sanctions do impact all the major industries (in Iran)".

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