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Global Markets: Oil soars after Trump dumps Iran nuclear deal, stocks gain

12 May 2018

Iran in the third largest exporter of crude within the Organization of the Petroleum Exporting Countries (OPEC), with April exports standing above 2.6m barrels per day (bpd).

Iran's revenues from the oil and gas would be maintained as envisaged in the national budget bill, he said.

Walking away from the deal means the United States will likely re-impose sanctions against Iran after 180 days, unless some other agreement is reached before then.

Trump yesterday argued that the deal struck by the previous Obama administration and world powers was "defective at its core" and that he would pull out and reimpose sanctions on Iran, the world's fifth-biggest oil producer. An exit has raised concern that Iranian oil exports could be cut, putting upward pressure on prices.

As far as boosting the U.S. economy, the old rule of thumb was that a sustained $10/bbl rise in oil prices would shave about 0.3% off of U.S. GDP the following year. ANZ bank said Trump's decision "puts into place a scenario that could see the crude oil market tighten significantly in H2 2018 and into next year".

He said Iran's right to peaceful use of nuclear energy should be respected along with worldwide community's strong interest in the exclusively peaceful nature of Iran's nuclear program.

The Treasury Department said it took joint action with the United Arab Emirates against nine Iranian individuals and entities involved in the network, and threatened sanctions against any other companies that help those nine.

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Saudi Arabia will seek to develop its own nuclear weapons if Iran does, Foreign Minister Adel al-Jubeir told CNN on Wednesday, amid spiraling tension between the regional rivals. Their most recent report was 2.5 million bpd.

Though as much as 1 million barrels per day could be limited with the US pullout of the Iranian deal, there could be some wiggle room, analysis found.

USA oil prices have gained more than 16% since the start of the year.

Tourism in Iran had also benefited from the nuclear deal, with visitor numbers increasing from 3.8 million visitors in 2012 to over 5 million in 2015, and this could also be affected by renewed sanctions.

India Wednesday urged all parties to engage constructively to address and resolve issues concerning Iran's nuclear deal. But since they do not really trade much with Iran anyway, they do not add much to the coalition.

On Thursday, US individuals and entities were barred from doing business with six Iranian individuals and three companies Washington says have ties to the Revolutionary Guards.

Global Markets: Oil soars after Trump dumps Iran nuclear deal, stocks gain