Asian stocks rise as crude oil extends rally on Iran worries

Asian stocks rise as crude oil extends rally on Iran worries

Asian stocks rise as crude oil extends rally on Iran worries

For ordinary Iranians, renewed sanctions mean fewer jobs, shortages of basic goods, crippling inflation and budget cuts.

"The kingdom supports and welcomes the steps announced by the us president toward withdrawing from the nuclear deal. and reinstating economic sanctions against Iran", Saudi Arabia's foreign ministry said.

In response, Netanyahu said that "Israel fully supports President Trump's bold decision to reject the disastrous nuclear deal with the terrorist regime in Tehran". "With God's help, we will stand up and resist until the full destruction of the enemies of Islam and the oppressed nations of the world, especially the world-gobbling America".

President Trump finally announced on Tuesday that the United States would withdraw from the Joint Comprehensive Plan of Action, the multilateral agreement constraining Iran's nuclear program in exchange for sanctions relief. What it can do-and what Trump has promised to do-is attempt to force the deal to collapse by also imposing sanctions on countries that do business with Iran.

The major European countries, China and Russian Federation are all continuing to express their support for the agreement following Trump's decision to end U.S participation and restore sanctions against Iran.

"It's the same witches brew of bullish stuff: Iran, Venezuela, the lack of alacrity by Saudi Arabia to bring more oil onto the market", said John Kilduff, partner at Again Capital in NY.

"Former US president Barack Obama in a rare statement called Trump's decision a mistake".

He said it's important for diplomats to understand those on the other side of the negotiating table and warned that getting out of the Iran deal would inflame Iranian hard-liners.

"The Europeans should not have to pay for the withdrawal of an agreement by the United States, to which they had themselves contributed", he said.

Iran's parliamentary speaker Ali Larijani also hit out at President Trump, telling the parliament the United States president lacks the mental capacity to deal with issues, the Iranian judiciary's website Mizan reports.

The withdrawal also reinforced the anti-American hostility of Ayatollah Ali Khamenei, Iran's supreme leader, who reluctantly had gone along with Mr. Rouhani and his nuclear negotiators.

Mrs May made clear her thoughts on the impact of America pulling out of the deal and said the United Kingdom remains "firmly committed" to the global agreement that Mr Trump has condemned.

Trump's withdrawal may have been driven in part by a petty need to undo that which his predecessor did, and most agree that the Iran deal was Obama's greatest foreign policy achievement.

"Policies of @realDonaldTrump on #IranDeal and trade will meet a united European approach".

However, Iran and the European powers will be desperate to keep the deal alive in some form.

U.S. West Texas Intermediate crude futures were up 45 cents at $71.59.

As a result of the new US sanctions, companies worldwide must stop doing business with Iran or risk USA fines or other punishment. "At the drop of a hat, turning this deal around and retreating from this deal, is not just going to possibly impact the region but it might affect the entire world", Erdoğan told CNN International.

Israel said it had attacked almost all of Iran's military infrastructure in Syria yesterday after Iranian forces allegedly fired rockets at Israeli-held territory for the first time.

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