'Britain committed to Iran nuclear deal'

Iran deal 'not dead', says France

Dubai, traditionally a centre for Iranian business, may suffer as companies, already cautious about trading with Iran, become more so because they see a greater risk of U.S. legal action against them.

The development came as Iran's foreign minister said he was hopeful of forging a "clear future design" for the pact, while speaking in Beijing at the start of a diplomatic tour aimed at rescuing it.

US President Donald Trump announced on May 8 that the US was withdrawing from the Joint Comprehensive Plan of Action (JCPOA), an worldwide agreement reached in 2015 by Iran, the United States, Russia, France, China, Great Britain, Germany and the EU.

Bolton's comments, in an interview with CNN's "State of the Union, struck a more hawkish note than Pompeo's, who was interviewed on "Fox News Sunday". Aside from the possibility of escalating tensions in the Middle East, we have seen oil prices soar over the past day following the announcement.

The letter was written to UN Secretary General Antonio Guterres on May 10, two days after Trump made the historic move to pull out of the agreement and reimpose sanctions on Iran.

Trump weighed in later Sunday, saying his decision would limit Iran's regional ambitions.

Trump has frequently voiced his opposition to the "insane" deal, which he has described as the "worst ever".

The telephone call covered other worldwide issues with Mrs May congratulating the USA president on the safe return of three Americans who had been held in prison in North Korea.

German industrial equipment manufacturer Siemens, which has multi-billion euro (dollar) contracts with Iran for rail, power plant and other projects, said it is assessing the possible impact but expects it to be "immaterial" overall. "It depends on the conduct of other governments". Today's "pretty constructive inventory report out of the U.S.is also supportive". "As those sanctions kick in, it will have an even broader effect as well", he said.

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"I think the Europeans will see that's in their interest ultimately to go along with this", he said.

Officials are considering whether a drop in Iranian exports and a decline in supply from another OPEC member, Venezuela, demands adjusting the deal that runs to the end of 2018.

Mr Trump says the agreement, the signature foreign policy achievement of former president Barack Obama, does not address Iran's ballistic missile program, its nuclear activities beyond 2025 nor its role in conflicts in Yemen and Syria.

Britain must team up with Germany and France to do "everything we can" to salvage the deal, Admiral West said.

Zarif will later fly to Moscow and Brussels.

"What the full impact on Iranian flows will be is still hard to estimate", Petromatrix strategist Olivier Jakob said.

President Hassan Rouhani said during the parade that Iran does not intend any aggression against its neighbours but will continue to produce all the weapons it needs for its defence.

He says while the Europeans will try to cushion the blow, it's worth considering the situation from the perspective of global companies.

They would have to wind up investments by November or face United States sanctions.

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