Nuclear Deal: US can also withdraw from other agreements

Russian Foreign Minister Lavrov

The bureau also needs to determine how much it wants companies to reduce Iranian oil imports, which requires deft diplomacy and an analysis of historical buying trends.

The Israeli military claims Iranian forces in Syria fired 20 rockets into the Israeli-occupied Golan Heights, all of which were shot down by Israel's Iron Dome air-defense system. It was the most serious military confrontation between the two rivals to date.

There will be "wind down" periods of 90 to 180 days for existing Iran contracts for companies working with Iran to roll up their cooperation with Tehran. After Friday Prayers in Tehran, the hardliners hit the streets, reports CBS News' Elizabeth Palmer.

This week's speculative buying was initiated by President Trump's decision on Tuesday to walk away from the Iran nuclear deal.

Trump has repeatedly said that he wants a "better" deal with Iran on the nuclear issue. Trump argued that the 2015 deal wasn't tough enough on Iran.

Perhaps the most interesting reason for the relative calm since Trump's announcement may be that the market has finally grown confident about US oil production from shale and the likelihood that higher global oil prices will prompt greater domestic production relatively quickly. The Iranian government said it will take "whatever reciprocal measures it deems expedient" if it is not fully compensated for the USA withdrawal as provided for in the accord.

The 2015 agreement between major world powers - the US, UK, France, Germany, Russia, China and the European Union - and Iran set limits on Tehran's ability to produce nuclear material in exchange for sanctions relief and greater access to the global economy.

"The countries that continue to deal with Iran could face sanctions".

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Bank of America Merrill Lynch this week discussed the "risk of $100/bbl oil next year", saying global oil markets likely will tighten further if a new Iran deal is not reached or OPEC and Russian Federation extend production cuts into 2019.

Thousands later demonstrated across the country to protest President Donald Trump's withdrawal from the nuclear deal.

Indeed, European governments are scrambling for ways to save billions of dollars in trade that could collapse because of Trump's decision.

Bruno Le Maire said yesterday on Europe-1 radio that Europe should not accept that the United States is the "world's economic policeman".

"We are going to continue to insist that Canadian foreign policy will be established in Canada and not in Washington or elsewhere around the world and I think it's a question for the current Conservative Party as to whether or not they agree with their former leader".

Some Asian governments, including South Korea, India and China, are also hoping they can avoid the brunt of the sanctions by acquiring waivers - which the US government has said it will only consider granting if a country shows a good faith effort to cut Iranian purchases. Their leaders tried to persuade Trump not to abandon it. For one, oil prices are likely to go up with certain growing instability and uncertainty in the Gulf. He's talked about it with Chancellor Merkel.

Foreign Minister Heiko Maas said transatlantic ties had been gradually damaged by shifts in US policy.

Iran is a bully and shows its cowardice when faced with true force.

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