Oil prices push higher after U.S. walks away from Iran nuclear deal

ImagePresident Trump announced he was withdrawing from the Iran nuclear deal at the White House

But I definitely believe any sort of destabilization between the relationship of Iran and U.S are going to have regional impacts, for sure. "Chaos is a ladder".

A number of corporations rushed to tap the Iranian market when the Obama administration provided sanction relief in 2015 under the Joint Comprehensive Plan of Action, as the Iran deal is known.

Trump officially pulled the United States out of a nuclear deal with Iran that he has long derided as a bad arrangement, despite pleas from European allies to remain in the accord.

They saw Pompeo's appointment in March as a deadly blow, and it was quickly followed by the arrival in the White House of John Bolton, another Iran hawk, as national security adviser.

That Trump doesn't heed the New York Times' counsel is not surprising, and I suppose he deserves credit for being honest.

So the withdrawal should shock no one, but that doesn't make its outcome any less unknowable. What kinds of things have you been hearing leading up to this moment? If the govt. wants to make a contract, they should ask for a guarantee, or else they will all do just as the USA did.

Now, some of Europe's biggest companies are scrambling to figure out the fate billions of dollars in deals made with Iran.

Khamenei's official website translates his subsequent comment as "I answer him, as a representative of the Iranian population: 'Donald Trump, you can not lift one finger against us'".

Despite this, it is not yet clear, how strongly global oil markets will be affected. Most were not authorized to comment publicly and spoke on condition of anonymity. He threatened the regime and the people, saying you're doing this and that.

"Now President Trump has ceded the moral high ground and freed Iran from all those constraints". Yet Rouhani is seen as a (relative) moderate; any new regime is likely to be more hard-lined against the West.

US President Donald Trump faced diplomatic isolation on Wednesday (May 9) as world powers scrambled to save a landmark deal curbing Iran's nuclear program that he has rejected.

In response, Rouhani warned Iran could resume uranium enrichment "without limit". Many say they have not seen any benefits from the nuclear deal.

On the other hand, general instability in the Mideast should support oil prices (there's that ladder again).

The Iran nuclear is a multilateral pact, to which the US, Iran, China, Russia, the UK, France, and Germany are all signatories.

Army Gen. Joseph Votel, who oversees American operations in the Middle East as commander of U.S. Central Command, suggested that the military would have to consider the possibility of using force if the deal were to fall apart and Iran were to return to its pursuit of nuclear weapons - a military operation that repeated analyses have determined to be complicated and far from foolproof.

Dragged kicking and screaming into five months of negotiations, America's closest allies in Europe had finally agreed in principle to the toughest of Trump's demands.

"Europe now imports between 500-600,000 bpd of Iranian crude and it is expected this number will drop by approximately 60 percent", said Robinson. Iran's government must decide whether to follow the U.S. and withdraw or try to salvage what's left with the Europeans.

Still, where there's a will (and oil), there's usually a way. After all, the terms of the 2015 deal explicitly say that the restrictions "sunset" over time.

Despite their efforts, European leaders knew by mid-April that the chances of persuading Trump to stay in the nuclear deal were fading, European diplomats said.

So there is more chaos to come, I figure. Until now, most European Union leaders were as likely to take her advice, as they would listen to a dentist with no teeth offering tips on oral hygiene.