Could US sanctions hit Iranian crude exports?

Could US sanctions hit Iranian crude exports?

Oil-rich Saudi Arabia has long said it would match any Iranian weapons development, but Jubeir's renewed vow came after US President Donald Trump pulled the United States out of an accord created to prevent Tehran's alleged quest for the bomb.

Prime Minister Theresa May and US President Donald Trump have discussed the impact of America pulling out of the Iran nuclear deal, Downing Street said.

Geng said that China, which has for years been a close economic partner with Iran, will "carry on the normal and transparent pragmatic cooperation with Iran on the basis of not violating our worldwide obligation".

Under the 2015 agreement, Iran agreed to curb its nuclear activities in return for the lifting of sanctions imposed by the UN, US and EU.

Trump announced his intent on Tuesday to quit the Iran nuclear deal and reimpose sanctions on the country. "I have instructed the Iranian Atomic Energy Organisation to take the necessary measures for future actions so that if necessary we can resume industrial enrichment without limit", he said in an address to the nation. He said if Iran achieves the deal's goals in co-operation with other members of the deal, it will remain in place.

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The EIA report helped lift United States gasoline futures to $2.1674 a gallon, the highest since Hurricane Harvey sent prices surging in August.

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

During the visit, India and Iran signed almost a dozen pacts, centrepiece of which was an agreement on development of Chabahar port.

Global benchmark Brent crude climbed as high as $77.97 per barrel on Thursday, while American benchmark crude reached as much as $71.88 a barrel.

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. Prices have gained over 8% over the past month and 15% since the beginning of the year.

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France, Britain and Germany have all said they will work with Iran to try to salvage the agreement.

The Indian oil ministry has not commented on the US pullout, but the foreign ministry on Wednesday called for diplomacy to resolve the dispute over the nuclear deal with Iran.

Sanjiv Singh said it was a mere coincidence that the spike in global rates and the company's decision to put a lid on prices comes just ahead of the Assembly elections in Karnataka on Saturday.

US National Security Adviser John Bolton is reported as saying that European companies doing business in Iran will have to stop doing so within six months or face US sanctions.

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