Trump pulls U.S. out of Iran nuclear deal, will gas prices rise?

US President Donald Trump withdrew America from the historic Iran agreement last week, but other nations, including the UK, France, and Germany, have said that they will continue to uphold it.

He will later head to Moscow and Brussels.

"We have started an intensive process (and) the economic benefits inside the JCPOA (Iran deal) should be preserved for Iran", Mohammad Javad Zarif said on arrival in Brussels ahead of a meeting with his British, French and German counterparts. Tehran has repeatedly said that it would never accept re-negotiating the nuclear deal.

Several Irish firms began trading with Iran, the Middle East's second-largest economy, in the wake of the 2015 deal to control Tehran's nuclear ambitions, which led to the lifting of long-standing global sanctions and the resumption of formal trade ties with several European countries.

"Yesterday, we witnessed a very risky behavior from the side of the same regime towards Jerusalem", he said while commenting on the expected relocation of the USA embassy.

They include retaliatory sanctions, allowing the European Investment Bank to invest directly in Iran and co-ordinating euro-denominated credit lines from European governments.

All foreign businesses operating in Iran will be required to "wind down" activities or "risk severe consequences", the statement added, in effect threatening billions of dollars worth of business deals.

A number of voices in Iran have suggested the deal is unlikely to survive.

The President made the same claim in announcing his decision to pull the United States out of the Iran nuclear agreement earlier this week - an assertion that fact checkers have called "exaggerated" and lacking crucial context.

A photo on the official Instagram site of supreme leader Ayatollah Ali Khamenei showed him reading a Farsi translation of Michael Wolff's scabrous account of the Trump White House, "The Fire and the Fury", quickly picking up more than 100,000 likes.

In a bid to meet the officials of the five signatory states of the JCPOA who has vowed to stay in the agreement after USA withdrawal, Iranian foreign minister a three stop tour from Beijing and he will finally wrap up his negotiations in Brussels.

"China will take an objective, fair and responsible attitude, keep communication and cooperation with all parties concerned, and continue to work to maintain the deal".

Earlier in the week, France, Germany and the United Kingdom expressed "regret and concern" over the US' withdrawal. "We will all save it together".

Germany - along with France and Britain - has said it remains committed to the nuclear deal.

"A couple of cents here and there I don't think people are going to change their minds".

"But it really is a question mark as to what Europe can do for them in the face of ..."

If the U.S. punishes European companies for doing business with Iran, foreign companies will likely walk away from Iran.

Iran President Hassan Rouhani said he has instructed his nuclear agency to be prepared to resume enriching uranium to industrial levels.

  • Jon Douglas