Oil prices to soar in India as America withdraws from Iran nuclear deal

09 May 2018 11:36 AM

Oil prices to soar in India as America withdraws from Iran nuclear deal

Updated 09 May 2018 11:36 AM

United States President Donald Trump on Tuesday announced the US withdrawal from the Joint Comprehensive Plan of Action (JCPOA) or Iran nuclear deal.

"President Trump is terminating the United States' participation in the Joint Comprehensive Plan of Action (JCPOA) with Iran and re-imposing sanctions lifted under the deal," the White House tweeted.

President Trump terminated the US participation in the JCPOA citing that the deal failed to protect America's national security interest.

During a meeting in the Diplomatic Room at the White House, President Trump said that he will sign a presidential memorandum to begin reinstating U.S. nuclear sanctions on Iran.

"We will be instituting the highest level of economic sanction. Any nation that helps Iran in its quest for nuclear weapons could also be strongly sanctioned by the United States. America will not be held hostage to nuclear blackmail," the White House stated.

President Trump further called the Iran nuclear deal as "defective" adding that Washington would reinstate sanctions against the Islamic republic.

He also underscored that the deal was one of the worst and most one-sided transactions the United States has ever entered into.

President Trump accused Tehran of sponsoring terror and said, "he is committed to ensuring Iran has no possible path to a nuclear weapon and is addressing the threats posed by the regime's malign activities."

He also said that over the years Iran and its proxies have bombed American installations and said if he doesn't pull out of the deal there would soon be a nuclear arms race in the Middle East.

The US President also delivered a message to the long-suffering people of Iran saying "the people of America stand with you."

The Iran nuclear deal was signed between six countries in 2015 - Iran, US, Britain, Germany, Russia, France and China for lifting economic sanctions on Tehran in exchange for limitations to the country's nuclear programme.

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