Oil prices near multi-year highs as Iran sanctions tighten supply outlook

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Trump announced a USA withdrawal from the 2015 nuclear deal on Tuesday and said he was preparing new sanctions against Iran.

India on Thursday said it will take necessary measures to offset any adverse impact on its interests due to US President Donald Trump's decision to dump the Iran nuclear deal.

He has pulled the United States out of a deal which was aimed at stopping Iran from having nuclear weapons - in return for allowing them to trade with other countries.

Trump has also said he doesn't like that some parts of the deal expire in 10, 15 or 25 years - which in theory, could mean that Iran restarts its nuclear programme later on. President Hassan Rouhani has changed his tone and vowed that his country would continue to stick to the deal despite America's withdrawal.

Iran, meanwhile, has condemned Trump for lying during his speech withdrawing from the deal, and said that it will await Europe's response to determine the future of the agreement.

The JCPOA deal, signed by Iran and P5+1 powers (China, France, Russia, the United Kingdom, the U.S., plus Germany) in 2015 after years of hard negotiations, saw worldwide sanctions on Tehran lifted in exchange for Iran curbing its controversial nuclear program.

Putin's foreign affairs adviser Yuri Ushakov said Friday the deal between Iran, Russia and other members of the Moscow-dominated Eurasian Economic Union is set to be signed next week. He also challenged Trump over his announcement -and knocked his presidential powers - by saying "you can not do a damn thing".

Trump has promised that he can utilize his business negotiating skills to broker a better deal, according to Politico.

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In a brief statement Wednesday, the International Atomic Energy Agency's director-general, Yukiya Amano, said that "as of today, the IAEA can confirm that the nuclear-related commitments are being implemented by Iran".

U.S. West Texas Intermediate (WTI) crude futures were up $1.18 per barrel, or 1.7 percent, at $70.24 a barrel, also close to highs last seen in late 2014. The United States should stay a party to the Iran nuclear accord, but improve it - that is the surest way to thwart Iran's nuclear ambitions. However, it is the U.S. this time that has violated a major global agreement, thereby adding even more variables to the already not so promising Trump-Kim summit.

The Iranian government has warned it will take "whatever reciprocal measures it deems expedient" if it is not fully compensated for the U.S. withdrawal from the nuclear agreement.

Merkel said: "Nevertheless, I think it is not right to unilaterally cancel a deal that was agreed, that was unilaterally approved in the U.N. Security Council".

As noted, while all sanctions have been reinstated with immediate effect, statutory waivers are in place to allow affected companies to wind down existing business with Iran.

None of this is affected in the least by Israeli Prime Minister Benjamin Netanyahu's recent presentation about Iran's nuclear program, which was based on information dating from well before the Iran deal was even conceived. Iran has continued to test ballistic missiles capable of carrying a nuclear weapon.

Even so, the US has some support for the decision.

"They discussed the United States decision to withdraw from the nuclear agreement with Iran".

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