Mr. Trump's move Tuesday to abandon the 2015 global agreement to curb Iran's nuclear program paved the way for the reimposition of US economic sanctions on the Islamic Republic.
The country's foreign minister Mohammad Javad Zarif too is seeking to salvage the deal, this weekend commencing a tour with the other signatories in the hopes the agreement can be "re-designed" without the U.S.
As those sanctions kick in, it will have an even broader effect as well, Bolton said.
According to the report by Reuters, the price of oil has risen to its biggest weekly gain in the last one month as markets prepared the disruption in oil supplies as the USA renewed its sanctions on major oil exporter and the third largest OPEC member, Iran. The agreement stipulated a gradual lifting of anti-Iranian economic sanctions in exchange for Tehran curbing its nuclear program and allowing inspections to ensure that the nature of the program is peaceful.
This month, however, the oil bulls gained ground following Mr Trump's decision to pull out of the Iran nuclear deal and reimpose sanctions on the oil-producing country.
Trump's withdrawal from the deal has imperiled not only the accord, but the threat of sanctions could trickle down to European companies doing business with Iran.
The Trump administration portrayed its rejection of the nuclear agreement as a response, in part, to Tehran's interventions in the Middle East, underpinning Israeli Prime Minister Benjamin Netanyahu's tough line towards Iran.
Ali Khamenei bluntly said that he does not trust Europe at all, and said while addressing Iranian officials: "You should not trust them (France, Britain, and Germany)".
"I heard one of the primary industry representatives postulating that it might mean, if nothing else, that it's more hard to increase exports to iran who, of course, used to be a much larger trading partner of New Zealand than they are even now", Mr Parker said.
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Who has Nuclear Weapons?. "We have no illusions about Iran's disruptive behavior, but we think we can tackle those in other ways", British Foreign Minister Boris Johnson said.
"She said it is in both the United Kingdom and Iran's national security interests to maintain the deal and welcomed President Rouhani's public commitment to abide by its terms, adding that it is essential that Iran continues to meet its obligations", a United Kingdom government spokesperson said in a statement. If it falls apart, he could become politically vulnerable for promoting the accord.
"It looks like you can still go on for six months", the source, who declined to be identified, said.
Crude oil prices fell more than 1% on Tuesday, though they cut their losses after Trump confirmed that he will withdraw from the Iran deal.
In terms of economic ties, Trump's withdrawal from the Iran's 2015 nuclear agreement has made western European energy companies, already wary of existing U.S. sanctions against Tehran, fearful of investing in Iran's vast energy resources.
Mr. Le Maire also called for the EU to create financial instruments that would sit beyond the reach of Washington's powers and an agency that would enforce European law against foreign-based companies-a tit-for-tat rejoinder to Washington's powers over non-U.S. companies.
Bolton, asked whether the United States might impose sanctions on European companies that continue to do business with Iran, told CNN, "It's possible".
Iranian President Hassan Rouhani reiterated his country's commitment to the deal, saying Teheran will continue to implement its liabilities. "We will try to uphold our side of the bargain".