Backed by Israel & Saudis, Trump Wants To Break Iranian Regime

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U.S. ally Saudi Arabia has reiterated that it will build a nuclear bomb if its regional enemy Iran ramps up development of a weapons program.

Earlier, US President Donald Trump announced the United States was withdrawing from the landmark 2015 nuclear deal between world powers and Iran and reinstated US sanctions.

Sanger, one of the best reporters on the planet, provides insight into what motived President Trump to pull the plug on the Iran nuclear agreement Tuesday.

Losing significant volumes of Iranian exports as a result of sanctions will worsen the existing under-supply in the market and cause inventories to decline even faster and prices to rise even higher.

In April, the Houthis fired a barrage of ballistic missiles targeting Saudi Arabia, with fragments of one missile over Riyadh killing one person and wounding two.

Several refiners in Asia said they were seeking alternatives to Iranian supplies.

"We hope the region will remain stable and I personally think this matter will not affect oil supplies from the Gulf", he said.

Volumes jumped for all key crude oil futures contracts as investors took new positions and refiners hedged to protect themselves from higher feedstock prices. "With all the USA production coming into the system, the market would look forward to a glut".

Most notably, Iran's known adversaries: Israel and Saudi Arabia.

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One factor that could partially mitigate any shortfall from Iran is soaring USA oil output.

India, which has long-standing ties with Iran but also has close political relations with the United States, is Iran's top oil client after China.

He added that Saudi Arabia's "message to the Iran leadership is the policies of the past have got to come to end".

Oil ministers from Saudi Arabia and Kuwait said their countries will work closely with major OPEC and non-OPEC producers to lessen the impact of any supply shortages after USA withdrawal from the Iran nuclear deal.

"I am in close contact with OPEC 's presidency, Russian Federation and the USA, and will be connecting with other producers and major consumers over the next few days to ensure market stability", he added.

Saudi Arabian Crown Prince Mohammed bin Salman told CBS News in March, "Saudi Arabia does not want to acquire any nuclear bomb, but without a doubt, if Iran developed a nuclear bomb, we will follow suit as soon as possible".

Current OPEC and non-OPEC production levels were specified for a world over-supplied with crude.

Barkindo said the cartel was committed to seeing the agreement through, but he hinted that market conditions could spur a change.