Oil prices rose about 3 percent on Wednesday and hit fresh 3-1/2 year highs after a bigger-than-expected drawdown in US oil inventories extended gains from the United States' decision to quit a nuclear deal with Iran. The hints of a new war were already laid by Israel this past week, after it made the biggest coordinated attack on Syria since the 1973 Mideast war.
Mr. Trump complained that "the deal's inspection provisions lack adequate mechanisms to prevent, detect, and punish cheating and don't even have the unqualified right to inspect many important locations, including military facilities".
But Iran flatly denied the Israeli version of events on Friday, saying Israel's attacks were carried out on false "pretexts".
"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.
For now though it's worth lingering on a line in Trump's speech this week when he announced the USA withdrawal from the nuclear deal: "If the regime continues its nuclear aspirations, it will have bigger problems than it has ever had before". President Hassan Rouhani said Sunday the country would remain in the deal if the other signatories continue to follow the agreement. The US backed down before any sanctions were implemented."We want to reinforce this regulation and incorporate the recent decisions taken by the United States", Le Maire said.He also proposed a European agency capable of following the activities of foreign companies. American allies, such as Britain and European Union countries, have stated that they still intend to abide by the agreement, while Iran's stance remains unclear, having suggested possible options as being that it may continue to abide by the agreement, or it may resume its nuclear weapons program. Instead of geniality, what we've received from Iran is threats to wipe out Israel, the harassment of the USA military to the point of taking hostages and a bloody, terroristic presence in the Middle East meant to say Iran would soon be in murderous control.
Germany and France have significant trade links with Iran and remain committed to the nuclear agreement, as does Britain, and the three countries' foreign ministers plan to meet on Tuesday to discuss it.
White House National Security adviser John Bolton said U.S. sanctions on European companies that maintain business dealings with Iran were "possible".
Total, the French energy giant was confident enough to sign a $1 billion deal to invest into the first phase of the South Pars gas field with the China National Petroleum Corporation and Iran's Petropars.
Trump hit back last evening, tweeting that the accord had failed to contain Iran's militarism.
"It's concretely about damage limitation", German Economy Minister Peter Altmaier said on German radio.
Maloney said the Europeans can try to shield some companies but cannot preserve all the trade and investment that transpired under the sanctions waivers that Trump eliminated this week.
Mr Bolton said Europe was still digesting Trump's 8 May move.
"Demonstrators in the capital on Friday carried placards reading "Down with USA" and "[Donald] Trump, you are talking nonsense", referring to the United States president who called the deal "horrible", "one-sided" and "defective at its core".
Pointing also to the USA withdrawal from the Paris accord on climate change, Merkel added: "If we always say that, if we don't like things and we can't achieve a new worldwide order, everyone will do what they feel like, that's bad news for the world".
Meanwhile, Europeans fear a collapse of the nuclear deal could also deepen conflicts in the Middle East. Geopolitical tensions would likely ratchet up to record levels, putting sharp upward pressure on oil prices and breaking the catch 22 of USA rising supplies versus Opec plus Russian Federation supply cuts. It's clear from a background briefing by two senior State Department officials that the USA didn't have a detailed discussion with the Europeans before reneging on the agreement. "It's a UN Security Council Resolution and it belongs to the entire world", said Mogherini, who will chair talks Tuesday with the British, French, German and Iranian foreign ministers in Brussels.
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