US President Donald Trump's decision on Tuesday to pull out of the nuclear deal has upset European allies, cast uncertainty over global oil supplies and raised the risk of conflict in the Middle East. Iran has said it will stay committed to the deal, to which Britain, China, France, Germany and Russian Federation are also signatories, if powers still backing the agreement can ensure it is protected from sanctions against key sectors of its economy such as oil.
"Europeans are going to face the effective USA sanctions", Mr. Bolton said on ABC's programme, "This Week".
In the CNN interview, Bolton did not respond directly when asked whether Trump might seek "regime change" in Iran, or whether the US military would be ordered to make a pre-emptive strike against any Iranian nuclear facility.
So far, China, France, Russia, Britain, Germany and Iran remain in the accord, which placed controls on Iran's nuclear program and led to a relaxation of economic sanctions against Iran and companies doing business there.
Foreign companies that do business in the country have also been banned from accessing American banking and financial systems.
He said British and European officials would meet in Brussels on Tuesday to discuss ways to protect companies against USA sanctions on Iran, which will be phased in over the next six months.
There may be certain members of OPEC acting as "tools" for a USA government looking to capitalize on shale oil momentum, Iran's oil minister said.
But Mr. Pompeo's diplomatic effort faces obstacles.
Brent crude had a patchy performance last month, reaching three-year highs on Iran supply fears but losing on US President Donald Trump's criticism of high prices.
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Before leaving Iran, Zarif published a government statement via Twitter criticising Trump's "extremist administration" for abandoning "an accord recognised as a victory of diplomacy by the global community".
On Tuesday, the administration urged Iran to stop its support for Hezbollah, the Lebanese group that has joined Iranian forces in supporting Syrian President Bashar al-Assad.
Protesters burned an American flag and railed against the USA and Israel after emerging from Friday prayers in Tehran.
In the CNN interview, Bolton did not respond directly when asked whether Trump might seek "regime change" in Iran, or whether the USA military would be ordered to make a preemptive strike against any Iranian nuclear facility. "That work is not going to be for nothing", a State Department official said.
Foreign Minister Heiko Maas said, however, that it could be hard to protect European firms from any fallout from the US decision. Geopolitical tensions would likely ratchet up to record levels, putting sharp upward pressure on oil prices and breaking the catch 22 of USA rising supplies versus Opec plus Russian Federation supply cuts. And we'll see what happens then. USA oil output reached another record high last week, hitting 10.7 million bpd.
The U.S. wanted to reimpose sanctions if Iran began to expand its capacity to enrich uranium at that point.
After elimination of sanctions in 2016, based on nuclear agreement, Iran resumed its oil exports and increased it to over 2.8 mb/d in April.
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.
The sanctions will target critical sectors of Iran's economy, including petrochemicals, energy and finance. Despite all this, Trump's decision to pull out of the deal would send wrong signals to rest of the world, and especially to North Korea, who could now be expected not to trust the United States when it comes to signing a nuclear deal. "This is one step along the way", he added.