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

National Security Advisor John Bolton arrives before a joint news conference of U.S. President Donald Trump and Germany's Chancellor Angela Merkel

Iran Deal Concerns Push Oil Prices Above $70

France pledged on Friday (11 May) to push back against the threat of USA sanctions against French companies doing business with Iran, in the wake of Washington's withdrawal from the worldwide nuclear agreement with Tehran, writes Laurence Frost.

Arguing the nuclear deal wasn't tough enough on Iran, Trump's government is now re-imposing sanctions, and any companies or governments with links to the USA face sanctions if they do not comply.

"US support for these independence movements, both overt and covert, could force the regime to focus attention on them and limit its ability to conduct other malign activities", the SSG paper suggests.

"We expect that around October Iranian exports will be down by 500,000 barrels per day (bpd.) and eventually fall by 1 million bpd.", the bank said.

Donald Trump announced on Tuesday that he was leaving agreement sponsored by Barack Obama for lifting of sanctions on Iran in exchange for regime's stopping its nuclear career for a decade and accepting controls on it.

This is not the policy of the government.

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He added that he believes Iran "never made a strategic decision to give up nuclear weapons".

White House National Security adviser John Bolton said it was possible European companies that continue to do business with Iran were at the risk of facing sanctions from the United States.

Basically, the deal forbid Iran from developing and holding nuclear weapons of any kind and in return, lifted harsh sanctions against the country which were crippling to its economy. And while the decision to withdraw in such a flagrant manner-by reimplementing the nuclear sanctions in place before the start of the agreement-may have been egged on by some of his more hawkish advisors, it is critical to recall that the president is largely following through on a campaign promise to shred the deal.

"The Iranian regime and its Central Bank have abused access to entities in the UAE to acquire US dollars to fund the IRGC-QF's 'malign activities, ' including to fund and arm its regional proxy groups, by concealing the objective for which the USA dollars were acquired", Treasury Secretary Steven Mnuchin said.

Everyone in the deal except the U.S. reassured that they will keep their end of the bargain despite Trump's move. Under global law, and to most other countries, the agreement had the same force as a treaty would have.

"It's quite possible that surging United States shale production could easily fill the gap left by Iran", Eberhart said. "They agreed for talks to take place between our teams".

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Incredibly, the Obama administration approved enrichment capabilities for Iran that the Ford administration had denied to Iran when it was a US ally, before the 1979 revolution. I'm not the national security decision-maker.

This implicit call for regime change was balanced with a willingness to negotiate a new deal with Iran.

Bolton replied, "The answer is, it's possible".

The two leaders agreed for their teams to hold discussions on the potential impact of U.S. sanctions on firms doing business in Iran.

Oil prices eased from three-and-a-half-year highs on Monday as resistance emerged in Europe and Asia to United States sanctions against major crude exporter Iran, while rising U.S. drilling pointed to higher North American production.

Trump telegraphed the move, and oil prices shot up in recent weeks as traders anticipated it.

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