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UK's May and Trump agree talks needed over Iranian sanctions

UK's May and Trump agree talks needed over Iranian sanctions

President Donald Trump's decision will likely most hurt aircraft makers, oil companies and auto manufacturers. Foreign Minister Heiko Maas said "the deal makes the world safer", adding that Germany could find no legitimate reason for pulling out of the deal. Iran's presence in Syria is no match for Israel's powerful military, and Iran's hopes of salvaging the deal and appearing moderate on the world stage may further hinder its ability to strike back.

Trump's decision opens the door to greater US confrontation with Tehran and strains relations with America's closest allies, current and former diplomats said. The reaction from some in Europe was bitter.

"There are disturbing and eerie similarities" in the misuse of intelligence then and now, said Paul Pillar, who was the top US intelligence analyst for the Middle East from 2001 to 2005.

Iran will prepare for the "industrial scale" production of nuclear fuel even as it seeks guarantees from other countries to honor the Iran deal despite the recent United States' withdrawal from the agreement.

U.S. sanctions policy is based on the extra-territoriality of American laws, meaning Washington also punishes foreign companies doing deals with Iran if they also have business with the USA, or use dollars in their transactions.

Aircraft manufacturers stand to be big losers, with the pain shared between Chicago-based Boeing and Europe's Airbus. Another could be an independent financing mechanism allowing European companies to avoid USA banks. Airbus falls under US rules because its planes include USA -made components. The planes are worth around $19 billion at list prices.

While the documents' authenticity has not been challenged by Western governments and intelligence experts, critics said they added little to previous assessments that concluded that Iran mothballed its effort to develop nuclear weapons in 2003. The Iranian deals represented a blip in Boeing's business.

Professor Ali Ansari at St Andrews University, who is the founding director of the Institute for Iranian Studies, said Trump's withdrawal weakens moderate voices inside Iran.

"Airbus booked the orders and started delivering planes".

The Foreign Secretary told the Fox & Friends morning news show that Iran had been "behaving badly" and flaws in the deal needed to be fixed - but warned Mr Trump against ditching it. "It could mean a more volatile Middle East, absolutely", he said.

The official further noted that Iran's oil industry has gone through massive changes through years and it can not be compared with 20 years ago.

"We are closely monitoring the developments". Total did not respond to requests for comment.

The chances of "success" in a Trump administration military strike on Iran - whether "success" means ending its nuclear program or provoking a change to a US -friendly regime - are close to zero.

According to analysts, Iran shipments could fall by 300,000 to 500,000 per day, compared to the 1 million to 1.5 million lost from the market during the Obama administration's sanctions on Iran. India imported $10.5 billion worth of goods, mainly crude oil, and exported commodities worth $2.4 billion.

The timing of the announcement of sanctions coincides with steadily rising oil prices that are now at their highest level since November 2014.

Analysts estimate that the re-imposition of sanctions could reduce Iran's exports by between 200,000 and 600,000 barrels per day.

That's up 27 percent since mid-2016 and means USA output is creeping ever closer to that of top producer Russian Federation, which pumps around 11 million bpd. The extra demand is helping to wipe out an oil glut that has plagued markets.

"Following the USA decision to withdraw from the nuclear agreement with Iran, Saudi Arabia is committed to supporting the stability of oil markets for the benefit of producers and consumers and the sustainability of the global economic growth", the official said. Analysts also expect that US companies will respond to higher prices by drilling more.

Dan Eberhart, CEO of oilfield services company Canary LLC, drew a direct connection: "Withdrawing from the Iran nuclear deal will support higher oil prices".

More than 4,400 USA troops and hundreds of thousands of Iraqis died in the conflict, which many analysts have called one of the major US foreign policy debacles of modern times. One worshiper, Hassan Khedri, 24, with spiky hair and a sleeveless shirt, said: "I am an Iranian Kurd and I am ready to fight with America and Israel".

However, Le Maire acknowledged he has "no illusions" that he'll get what he asked for. He did not name the countries. But it does deeply weaken the agreement and could open the way for the U.S.'s regional allies to take a more aggressive approach on Iran.

"In my view, the situation is different, even if the degree of hostility has increased" between Gulf countries and Israel on one hand and Iran on the other, Sater said. It said it will comply with any sanctions.

The Trump administration Tuesday gave companies 90 to 180 days to wind down existing contracts. Firms would not be allowed to strike new deals with Iran.

The kingdom was also the first country Trump visited on an official state visit. "The Chinese have been in Iran for the past 30 years".

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