Crude oil surges on prospect of Iran supply cut

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Trump said Tuesday that he was ready to work on a new nuclear accord, one that would also curb Iran's missile programme.

Bagheri went on to assert that the "young and unwise Saudi ruler" - a reference to Saudi Crown Prince Mohamed bin Salman - had offered to pay for a USA war on Iran but that they had ultimately "dared not attack us". The statement from Prime Minister Theresa May, Chancellor Angela Merkel and President Emmanuel Macron also urged Iran to "show restraint" and continue fulfilling its own obligations such as co-operating with inspections.

Brennan served under former President Barack Obama, who forged the deal in 2015.

Other Iranian lawmakers responded to Trump by shouting "death to America", and setting fire to US flags.

"Why would Kim. believe any commitments President Trump makes when he arbitrarily tears up an agreement with which the other party is complying?" he asked on Twitter.

"The JCPOA is a significant achievement in this regard".

Larijani added, "It is worthwhile [waiting] for a few weeks for this test to [prove] to everyone that Iran tried all of the political and peaceful solutions". I believe that both sides will negotiate a deal.

That was not the first time Iran has suggested that pulling out of the deal would be a grave mistake for the U.S.

Iranian lawmakers set a paper United States flag on fire at parliament on Wednesday morning, shouting, "Death to America!".

"The fact is, this was a frightful, one-sided deal that should have never, ever been made", Trump said.

Khamenei described Trump's speech Tuesday announcing his decision as having "over 10 lies", without elaborating on them.

Meanwhile, for nations contemplating striking their own sensitive deals with Trump, such as North Korea, the withdrawal will increase suspicions that they can not expect lasting USA fidelity to global agreements it signs.

As long as Iran continues to implement its nuclear related commitments, as it is doing so far, the European Union will remain committed to the continued full and effective implementation of the nuclear deal, the EU's High Representative and Vice-President Federica Mogherini said yesterday.

US officials in announcing the renewed sanctions said they expected USA allies in the oil-rich Persian Gulf region to make up Iran's shortfall in production, in a move they said would soften the impact of the sanctions on global oil prices.

Some other American allies, however, voiced their support for the decision, particularly Israel and Saudi Arabia. They also burned a piece of paper representing the nuclear deal.

President Trump ignored the advice.

Finally, while Obama may be mistaken in saying that the JCPOA is working and has effectively rolled back Iran's nuclear program, he could be correct in predicting that Trump's move "could embolden an already risky regime; threaten our friends with destruction; pose unacceptable dangers to America's own security; and trigger an arms race in the world's most unsafe region".

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