US crude inventories fell by 2.2 million barrels in the week to May 4, to 433.76 million barrels, according to the Energy Information Administration (EIA), slightly above the 420 million barrels five-year average level.
In the statement Trump said, "Today, I am waiving the application of certain nuclear sanctions but only in order to secure our European allies' agreement to fix the bad flaws of the Iran nuclear deal".
The JCPOA came out of years of negotiations between Iran on one side and six world powers, namely the US, Russia, China, Germany, France and Britain, on the other, in July 2015.
Following through on his threats during his 2016 presidential election campaign to tear up the Iran deal, Trump could hardly have been more explicit in his rejection of a foreign policy centrepiece of his predecessor's tenure in his announcement on Tuesday.
His criticisms are accurate. And under those circumstances, we could see Iran returning to the very unsafe nuclear program, which was what this agreement was all about. He is wrong, however, on everything else. If you have customers in these places, ending the Iran nuclear deal could boost your business. Significantly, the IAEA has acknowledged that Tehran has complied with the agreement.
"Now we're engaging on the possibility of a new deal which may create opportunities for. addressing issues of Americans that are detained in Iran but checking the extraordinary malign influence and support for terrorism that Iran continues to propagate across the region", Pence told CBS News in an interview that aired on Thursday.
However, many in Tehran and elsewhere in the country are anxious about what Trump's decision could mean for the country.
The US hope is that Iran will be dragged to the table by the resumption of US sanctions - and possibly the imposition of more - which would penalize European and other companies and likely cripple Iran's oil-driven economy.
Brennan served under former President Barack Obama, who forged the deal in 2015.
One factor that could prevent markets from tightening further is soaring US oil output.
As part of the deal, Iran agreed to halt nuclear production for 10 years, close thousands of nuclear facilities, decrease uranium by 98 percent for the next 15 years as well as keep the enrichment of remaining uranium to far below weapons grade, according to BBC.
In reaction to a Tweet last month by Trump that accused OPEC of "artificially" boosting oil prices, Zanganeh said "Trump is not honest about oil prices".
In other words, Iran was keeping up its end of the bargain and the inspections programme was working. President Hassan Rouhani reaffirmed his commitment to the deal and announced his intent to negotiate with European countries, China and Russian Federation.
But officials are privately skeptical about how long it can survive, particularly if the United States imposes sanctions on European companies doing business in Iran.
In the meantime, the US has turned its back on allies' entreaties to maintain the agreement.
"It was the first agreement of this kind we had gotten with Iran since the revolution", Mr. Nelson said. And the Iranians must be held accountable for this.
In his speech Tuesday announcing that the US would no longer honor the deal, Trump said there was "definite proof" of the Iranian regime's pursuit of nuclear weapons.
On Tuesday, President Donald Trump announced his decision to withdraw from the failed Iran nuclear deal. It marginalizes Washington in the region, and will strengthen Moscow's claim that it is a responsible mediator and facilitator of regional outcomes.
Trump also won some support in the Arab world for his withdrawal from the deal. It is an immature and irresponsible negotiating technique. Foreign Minister Taro Kono said Japan supported the agreement, which "helps to strengthen global nonproliferation and the stability in the Middle East".
During the last round of sanctions, Iran's oil supplies fell by around one million bpd, but the country re-emerged as a major oil exporter after sanctions were lifted by producing 3.81 million bpd in March 2018.