Oil price 'could hit $100' amid crisis over Iran and Venezuela

Venezuela Oil Rig

Venezuela Oil Rig

But Trump canceling the Iran deal reminds us that shale has not freed the United States from global oil market turmoil, nor does dominance come from more oil and gas supply alone.

European and American companies could lose billions of dollars in commercial deals canceled and a major new export market undercut by the US decision to re-impose sanctions on Iran.

As a result of the new US sanctions, companies worldwide must stop doing business with Iran or risk USA fines or other punishment.

Still, British Prime Minister Theresa May on Friday reiterated her support for the Iran nuclear deal and agreed with Trump that talks were needed to established how USA sanctions would affect companies operating in Iran.

Washington has given grace periods of 90 days to six months for companies to wind down their trade with Iran.

However, Le Maire acknowledged he has "no illusions" that he'll get what he asked for.

"Do we accept the vassalization of Europe in commercial matters?"

In China, which is Iran's single biggest buyer of oil, Shanghai crude futures posted their biggest intra-day rally since their launch in March, rising more than 4.5 per cent to a dollar-denominated record above US$75 a barrel.

Mehrdad Emadi, an economic expert and consultant at the UK-based Betamatrix International Consultancy, believes that the re-imposition of the United States sanctions against Tehran will not cut the country's oil export to below the pre-nuclear deal period in short term, but in medium term it can seriously impact Tehran's oil sale.

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SHANA quoted Gholamreza Mr Manouchehri, deputy head of the National Iranian Oil Company, as saying on its website "They can not stop Iran". Scholz had also asked for concrete measures to help German companies, Handelsblatt newspaper reported. Iran says its nuclear program is for peaceful purposes only. Europeans fear a collapse of the deal could intensify conflicts in the Middle East.

Israeli forces on Thursday hit Iran's military structure in Syria, including a logistics headquarters belonging to Iran's Quds Force near Damascus International Airport.

German Economy Minister Peter Altmaier said he would work with affected companies to try to "minimise the negative consequences" of the United States move, adding: "That means, it is concretely about damage limitation". With U.S. congressional midterm elections looming in November, there seems to be a strong aspect of Trump's attempt to appeal to his supporters by rejecting a foreign policy achievement of the administration of his predecessor, former President Barack Obama.

Iran said it had asked Europe's Airbus (AIR.PA) to announce whether it would go ahead with a plane deal with Tehran following the US pullout.

EU Commission President Jean-Claude Juncker said in a speech to a Belgian regional parliament that Trump's decision shows the U.S.

Merkel said Friday the unilateral USA withdrawal undermines confidence in the global order, but that it wasn't enough to abandon decades of cross-Atlantic cooperation. He called for the creation of a body to monitor the implementation of European Union sanctions rules.

Europe's options, however, are limited. Trump's strength was that he did not need unity, Beyer added. It has delivered three planes so far, the first new aircraft acquired by Iran in 23 years, the Post reported. However, list prices are routinely exaggerated, and aviation consultancy Avitas valued the deals at $9.5 billion, given normal discounts. "That means, it is concretely about damage limitation". Questions remain over how much oil will be taken off the market as a result.

"Germany, France and Britain, the "EU3", say themselves that Iran poses a threat". Bild newspaper quoted him as saying.

"The holy system of the Islamic Republic will step up its missile capabilities day by day so that Israel, this occupying regime, will become sleepless and the nightmare will constantly haunt it that if it does anything foolish, we will raze Tel Aviv and Haifa to the ground", he said, according to state television.

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