Vastavam web: President Donald Trump on Tuesday pulled the United States out of an international nuclear deal with Iran, raising the risk of conflict in the Middle East, upsetting European allies and casting uncertainty over global oil supplies.Trump said in a televised address from the White House that he would reimpose U.S. economic sanctions on Iran to undermine“a horrible one-sided deal that should have never, ever been made.”
But Trump complains that the accord, the signature foreign policy achievement of his Democratic predecessor, Barack Obama, does not address Iran’s ballistic missile programme, its nuclear activities beyond 2025 or its role in conflicts in Yemen and Syria.Iran has extended its political and military influence in the Middle East in recent years, deeply worrying U.S. allies Israel and Saudi Arabia.
An Israeli air strike targeted a Syrian army position south of Damascus on Tuesday but caused no casualties, a commander in the regional alliance supporting Syrian President Bashar al-Assad told.Abandoning the Iran pact was the latest element of Trump’s high-stakes “America First” policy, which has led the United States to announce its withdrawal from the Paris climate accord, come close to a trade war with China and pull out of an Asian-Pacific trade deal.
Iranian state television said Trump’s decision to withdraw was “illegal, illegitimate and undermines international agreements.”Renewing sanctions would make it much harder for Iran to sell its oil abroad or use the international banking system.Iran is the third-largest member of the Organization of the Petroleum Exporting Countries and pumps about 3.8 million barrels per day of crude, or just under 4 percent of global supply. China, India, Japan and South Korea buy most of its 2.5 million bpd of exports.
Oil prices recouped some losses after Trump’s announcement, in a volatile session in which prices slumped as much as 4 percent earlier in the day.Brent crude futures LCOc1 settled 1.7 percent lower at $74.85 a barrel, while U.S. West Texas Intermediate (WTI) crude futures CLc1 ended the session 2.4 percent lower at $69.06 per barrel.