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

Wall Street is back on the oil bandwagon

A place they're cheering Trump's nuke deal withdrawal: the Gulf States

Trump reinstated all previous USA nuclear-related sanctions against Iran, without regard to European companies that struck business deals in the country on the belief that the nuclear agreement was accepted worldwide policy.

Turkey's President Recep Tayyip Erdoğan, for his part, deemed the JCPOA a successful agreement in the world, and stressed the need for collective efforts to preserve it; "Turkey considers the USA decision to exit the Iran nuclear deal as a mistake, and has officially stated that it will not accept the U.S. position at all".

As Iran's Oil Minister Bijan Namdar Zanganeh sees his global market shrinking before his eyes, he said on state TV today that U.S. President Donald Trump's motives are just "shenanigans" to raise prices for the shale producers. Iran had later stated that JCPOA will continue to exist between itself and five other nations-Russia, China, Japan, France and UK.

Former Defense Secretary Robert Gates said while the Iran deal was "a flawed agreement" because of a lack of unfettered inspections and other problems, leaving the deal isolates the USA and Trump should have extended it for at least another six months to work with allies.

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At the same time, the government said it has tasked the president of the Atomic Energy Organisation of Iran with "taking all necessary steps in preparation for Iran to pursue industrial-scale enrichment without any restrictions, using the results of the latest research and development of Iran's fearless nuclear scientists".

The Iran Deal is a bad deal for America and a bad deal for our allies.

Iranian state television reported that Zarif will first stop in Beijing and then in Moscow before heading to Europe.

Trump and his partner in nuclear armament, Bibi Netanyahu, did everything they could to convince the world that Iran has nuclear weapons and must be stopped.

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He said: "We believe the deal does not deal with Iran's ballistic missile program nor does it deal with Iran's support for terrorism".

"In the years since the deal was reached, Iran's military budget has grown by nearly 40 percent, while its economy is doing very badly", Trump said during the speech.

The Obama-era deal was dumped earlier this week by the U.S., and surprised many of its allies who are part of the deal.

The two leaders also looked forward to Mr Trump's visit to the United Kingdom in July, Downing Street said. In a separate interview on CNN's "State of the Union", he said Iran's economic condition is "really quite shaky", so the impact of sanctions "could be dramatic".

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New Delhi must assert this and find feasible ways for financial transactions with Tehran in light of fresh USA sanctions.

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