Trump's Iran Deal Exit Halts Historic, $40 Billion Boeing, Airbus Deals

US oil prices climbed above $70 per barrel on Monday for the first time since November 2014. Sergei Karpukhin  Reuters

There may be certain members of OPEC acting as "tools" for a US government looking to capitalize on shale oil momentum, Iran's oil minister said.

French President Emmanuel Macron, who personally lobbied Trump to remain in the deal, said: "France, Germany, and the United Kingdom regret the U.S. decision to leave the JCPOA".

After the American President, Donald Trump, made a decision to withdraw from the nuclear pact with Iran, Israel and Iran's conflict have helped oil price to extend gains above $71 a barrel level.

Boroujerdi also said that now Iran can seize the opportunity to show that Iran's economy is resilient against sanctions.

Nonetheless, the Europeans were taken aback by the expansiveness of Trump's effort to tear up the JCPOA by fully reinstating all previously existing sanctions against Iran, and showing no regard for companies that concluded business deals in Iran on the belief that the JCPOA was accepted global policy, endorsed and affirmed by the United Nations Security Council.

However, Stephen Innes, head of Asia-Pacific trade at OANDA, said, "We could be on for significant knee-jerk reaction (sending prices down) if the president walks back the more boisterous elements of hawkish Iran rhetoric". Zanganeh said foreign investment was needed to develop Iran's its oil industry, but that it could survive even if foreigners chose to stay away for fear of US penalties.

"Uncertainty about the survival of the deal effectively killed any appetite of European businesses to risk market (re-) entry in Iran", said Adnan Tabatabai, CEO of the think tank CARPO.

Saudi Arabia has threatened to build a nuclear weapon if Iran pursued such a weapon of mass destruction, in the wake of a US exit from a historic nuclear deal.

"What the full impact on Iranian flows will be is still hard to estimate", said Petromatrix strategist Olivier Jakob. "Contacts with American authorities are ongoing". Parallel thereto, OFAC will issue new authorizations allowing the termination of business activities involving Iran within 90 day or 180 days (so called wind-down periods). The International Atomic Energy Agency has so far verified Iran's adherence to the deal.

5 killed in storm; air, road traffic badly hit
Several areas in Gurugram and east, west and outer Delhi saw outages that ran up to five hours, officials said. Flights from Tokyo, Newark and Colombo were diverted to other airports, people familiar with the matter said.

China and other signatories, in the wake of the re-imposition of US sanctions, are likely to be operating in a far more confrontational environment in which the subtext of Trump's decision, taken alongside the positions of Saudi Arabia and Israel, could be viewed as a prelude to the seeking of regime change in Tehran.

Many analysts in Europe said they are dismayed by Trump's decision, which they said has unnecessarily put global security at risk and raised the prospect of a unsafe confrontation with Iran.

Mr Trump remained unconvinced that the Iran agreement was anything but a "bad deal".

Under the terms of the JCPOA, Iran is now in a position to accuse the US of violating the agreement.

Senator John Boozman also supports the President's decision to exit the Iran nuclear agreement.

Airbus, which is subject to the US license because of its use of American-made parts in its aircraft, didn't immediately respond to a request for comment.

Kristian Coates Ulrichsen, Fellow for the Middle East at Rice University's Baker Institute assessed that there likely would be "jubilation" in both Saudi Arabia and the UAE because "the Trump administration - or at least the White House - has now come round to their thinking on Iran's threat to regional security".

"In any case we will make sure that we comply with the applicable global regulatory framework and, given our crude supply flexibility and diversification, we do not expect any significant effect on our operations". "They agreed for talks to take place between our teams".

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