Arab League Secretary Stresses Need to Review Iran Nuclear Deal

Markets are betting companies and consumers can cope with the increase in the price of benchmark US crude

Speaking to CNN television, he said: "If Iran acquires nuclear capability we will do everything we can to do the same".

But the truth is, Iran is in compliance with the nuclear deal, has failed for decades to build nuclear weapons, and is utterly incapable of matching the massive arsenals of the U.S., Israel, and other Western powers.

Iran, the third-largest OPEC producer, could deliver involuntary cuts to supply forced by USA sanctions and Trump's exit from the nuclear deal - fundamental to the resumption of Iran as a major oil producer and exporter.

The president was quoted saying the following.

In an anticipated decision, Trump withdrew from the deal on Tuesday, having previously said that Iran was in violation of the "spirit" of the global agreement. "It didn't bring calm, it didn't bring peace, and it never will". The peaceful nature of the Iranian nuclear program has repeatedly been confirmed by the International Atomic Energy Agency (IAEA). "Last week, Israel published intelligence documents, long concealed by Iran, conclusively showing the Iranian regime and its history of pursuing nuclear weapons", Donald Trump said in White House remarks on May 8.

It will take about six months for the effect of sanctions on Iran to become more clear, even though the Trump administration sanctions would block new business with the country immediately. Under such a situation, Iran may decide that its main reason for joining the deal, namely economic recovery through foreign investments, can not be achieved, and withdraw from the deal.

The International Energy Agency said Wednesday that it was "ready to act" to alleviate any supply shortfall in the wake of the USA move.

The South Asian country remained a big buyer of Iranian oil even during previous Western sanctions, though it had to cut purchases to win some waivers as the trade was mostly done in United States dollars. In theory, America's withdrawal could free Iran to produce as much nuclear material as it wants - as it was five years ago, when the world feared it was headed toward a bomb. He demanded to "fix" it, threatening to withdraw the United States from the deal.

Saudi Arabia and Arab partners including the UAE entered Yemen's civil war in 2015 to restore the internationally recognised government of President Abd-Rabbu Mansour Hadi after the Houthi movement seized large areas of the country including the capital Sana'a.

Morse said the USA return of full sanctions on Iran would be worth about $10 per barrel to the oil price, but he said ultimately the price of oil would go down if Saudi Arabia and Russian Federation return barrels to the market.

President Trump's decision yesterday to "nix" the Iran Nuclear Deal was reckless.

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