Crude surges on supply concerns as US withdraws from Iran deal

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Iran is the third largest supplier of crude oil to India after Saudi Arabia and Iraq.

According to the Iranian leader, among other things this applied to related issues, such as "sales of oil, gas and oil products, as well as banking relations".

White House spokeswoman Sarah Sanders told reporters that Iran now faces "enormous" sanctions pressure with the United States stepping out of the Joint Comprehensive Plan of Action, a multilateral nuclear agreement that gave relief to Iran in exchange for peaceful commitments.

The sanctions would include a ban over Iran's oil exports as well as restrictions on investments in the country's energy sector.

And given that three top European countries are still part of the deal, trade won't be affected much, at least in the short term, said R. Ramachandran, head of refineries at state-run Bharat Petroleum Corp.

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Kim and Mr Trump are expected to meet later this month or in early June. "Now I'm trying to calm it down a little bit", he said. Trump hinted that the release of Kim Dong-chul, Kim Hak-song and Tony Kim was in the offing.

The next wind-down period will end on 4 November and will target Iran's financial and oil institutions.

Asked whether the U.S. sanctions will hit the Chabahar port project, Mr Kumar said it was too early to analyse and come up with conclusions about implications of USA withdrawal from the nuclear deal.

Despite Venezuela's woes Greg McKenna, chief market strategist at futures brokerage AxiTrader, said "the big story this week is going to be about oil and the Iran Nuclear deal". Israel said that a barrage of missiles was sacked at its Golan Heights by Iranian forces following weeks of tensions.

Many analysts expect oil prices to rise significantly, as the market adjusts to looming US sanctions and Iran's exports sink amid strong demand.

The sanctions will have an impact on other industries too.

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While some well-received earnings updates also provided support, shares in companies with exposure to Iran fell, with plane maker Airbus and auto makers Renault (RENA.PA) and PSA (PEUP.PA) all trading down more than 1 percent.

U.S. oil prices have gained more than 16% since the start of the year.

A number of French firms have have signed billion dollar agreements with Iran since the nuclear accord was signed in 2015.

Saudi Arabia also backed Trump's decision on his country withdrawing from the Iran nuclear deal. Demand has also been very strong, thanks to economic momentum in the United States and overseas.

To pressure allies, the US intends to apply "secondary sanctions" on non-American firms that do business with Iran.

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