French anger at United States sanctions on Iran

OPEC chief: Ditching Iran deal would harm global economy

China's Xinhua news agency also reported on May 9 that China's special envoy for the Middle East, Gong Xiaosheng, said after meeting with Iranian officials that the multilateral deal was "very serious and important".

The two men urged European countries to go beyond "mere words" and counter Trump's withdrawal from the Iran nuclear deal with real, concrete actions. "Europeans should not have to pay for USA withdrawal from an agreement".

Post the announcement of Trump's withdrawal from the Iran nuclear deal, the price of Brent Crude on Wednesday was up by nearly three per cent at $76.75 per barrel, highest level since November 2014. This is about 1 million barrels per day more than early 2016.

"We also introduce a 2Q $90/bbl Brent price target for 2019 and see a risk of $100/bbl oil next year, although we are concerned that these market dynamics could unfold over a shorter timeframe", Francisco Blanch, Managing Director at Bank of America Merrill Lynch, said in a note on Wednesday.

Trump has repeatedly threatened to rip up the Iran accord, which he has described as "the worst deal ever".

European countries should continue trading with Iran despite President Donald Trump's decision to re-impose sanctions, France's finance minister has said.

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Although imposing sanctions on Iran would disrupt oil markets, the immediate impact on prices may end up being quite limited when the decision is actually announced because investors are already pricing it in. 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 US banking system for trade purposes", it said.

United States crude settled at $70.73 per barrel.

While the sanctions have had an immediate impact on the global crude oil market, the fallout is expected to be wider impacting several non-oil businesses.

The sanctions come amid an oil market that has been tightening due to strong demand, especially in Asia, and as top exporter Saudi Arabia and No.1 producer Russian Federation have led efforts since 2017 to withhold oil supplies to prop up prices. Israel said that a barrage of missiles was sacked at its Golan Heights by Iranian forces following weeks of tensions.

"I think it's a sign that he's planning on reimposing sanctions, and the only question for oil markets is how soon", said Joe McMonigle, an energy analyst at Hedgeye Research.

In an interview with CNNMoney, OPEC Secretary General Mohammad Barkindo said that any factor that prevents the smooth running of the oil industry "will not be in the interest of the global economy".

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