Saudis will seek nuclear weapon if Iran does: minister

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Still, Iran will feel the pain from US sanctions, even without cooperation from the other worldwide partners.

President Trump announced today, May 8, 2018, that the United States would withdraw from the Joint Comprehensive Plan of Action ("JCPOA"), the Iran nuclear deal implemented in January 2016.

It seems clear that, from Trump's perspective, the Iran deal and the diplomatic advances with North Korea are closely related - and that his policy of "maximum pressure" is paying off.

"Do we accept extraterritorial sanctions?" In theory, some countries could receive waivers from sanctions if they reduce their oil purchases from Iran by some unspecific amount.

In other sectors, French carmaker PSA Peugeot Citroen agreed in 2016 to open a plant producing 200,000 vehicles annually in Iran, and says it is studying the implications of the US move.

He said Iran would start this "in the next weeks". "The Europeans should not have to pay for the withdrawal from an agreement by the U.S., to which they had themselves contributed".

Mr Turnbull told the ABC he had "some optimism" that the nuclear agreement would survive without the participation of the United States.

The US President described the deal as "insane", but Tehran has already promised to begin "industrial scale" enrichment.

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He says while the Europeans will try to cushion the blow, it's worth considering the situation from the perspective of worldwide companies. Prices jumped 3% Wednesday after President Donald Trump said the US would exit a 2015 nuclear deal between the Persian Gulf state and world powers that had eased restrictions on the Islamic Republic's crude exports.

On a related note, German Chancellor Angela Merkel told a news conference that her country had noted the U.S. decision with "regret and concern", saying, "We must not question the Iran deal, however, we also need to talk about a broader deal that goes beyond it".

The former First Sea Lord added a nuclear armed Iran is "far more unsafe than North Korea".

Russia's envoy to the European Union said Moscow would also continue its efforts to keep the deal functioning.

"Israel thinks that President Trump made an historic move", Israeli Prime Minister Benjamin Netanyahu said in a brief televised address.

Germany, France and Britain want talks to be held in a broader format to include Iran's ballistic missile program and its regional military activities, including in Syria and Yemen.

Iran witnessed public protests around the New Year, with some angered by the country's financial support for foreign groups such as Hezbollah in Lebanon, amid economic problems at home.

"The Iranian regime and its Central Bank have abused access to entities in the UAE to acquire US dollars to fund the IRGC-QF's 'malign activities, ' including to fund and arm its regional proxy groups, by concealing the objective for which the USA dollars were acquired", Treasury Secretary Steven Mnuchin said.

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