Iran deal: President Trump demolishes another pillar of Obama's legacy

Stocks and Oil move higher to start the week

Stocks and Oil move higher to start the week

With Germany, France and Britain saying they are committed to the accord, the European countries will "continue importing oil from Iran, albeit having to side-step the USA banking system for trade purposes", it said.

Iran's President Hassan Rouhani chastised the USA for not living up to its commitments, but indicated Iran may try to weather the restoration of US sanctions, hoping to continue doing business with other signatories of the 2015 deal, also known as the Joint Comprehensive Plan of Action. And while he warned that, "America will not be held hostage to nuclear blackmail", he did not mention the Americans being held in Iran. However, Treasury officials advised nations to immediately cut back imports of Iranian crude. Rezaian added that he didn't see "any way out now" for those still behind bars in Iran.

Oil prices declined on Friday, backing down from multi-year highs in the previous session on hopes that supplies from alternative sources could offset the impending drop in Iranian exports due to U.S. sanctions. "To explain this dichotomy, Iran's main buyers - China and India - are locked into long term contracts which allow them to pay in their national currencies, yuan and rupee".

Perhaps the highest profile American held by Iran is Robert Alan Levinson, a retired Federal Bureau of Investigation agent working for the Central Intelligence Agency, who disappeared while on Kish Island in Iran in 2007.

Planemakers have been some of the most exposed, as one of the chief benefits of the agreement for Iran was renewing the ancient fleet of the flag carrier Iran Air and other private airlines.

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A swap "is a possibility, certainly from a humanitarian perspective, but, but it requires a change of attitude", Zarif said, "and a change of language". "European countries and China are still backing the deal".

"Do we want to be vassals who obey decisions taken by the United States while clinging to the hem of their pants?"

"The UK Government continues to fully support expanding our trade relationship with Iran and encourages UK businesses to take advantage of the commercial opportunities that arise", a statement from the Office of Financial Sanctions Implementation said.

Snapping sanctions back on Iran will have an immediate impact on less than 200,000 barrels per day of Iranian oil, according to analysts surveyed by S&P Global Platts. "And yet Americans are still stuck".

Outside OPEC, the climbing U.S. crude oil production may be able to fill Iran's supply gap.

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The administration said it was giving most global companies 90-day and 180-day "wind-down periods" to exit contracts and ventures in Iran. "But if increases to $70 plus we could see an increase up to the $3 mark".

As Pompeo flew from North Korea to Japan with the three Korean-American detainees on Wednesday, he was asked about the perception some might have that the USA was leaving some Americans behind while picking others. India also has a very independent foreign policy, despite its growing security ties to the United States and Japan, and probably will not comply. There are Americans detained in Syria as well.

A second State Department official said the United States would be encouraging foreign firms to move out of Iran.

Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), which had recently ordered production cuts despite strong demand. No one in Moscow or Tehran should expect moderate leaders such as Chancellor Angela Merkel, President Emmanuel Macron or, especially, Prime Minister Theresa May, to suddenly turn anti-American just because Trump is in the White House.

"Entities will now have to face a choice of whether they want and can have anything to do with the USA financial system", said Lester, adding that business who choose Wall Street over Tehran "will start thinking tomorrow is how they're going to get out". "I'm leery about getting too much into that, and I know that's unsatisfying, so I'm sorry".

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