Egypt follows with great concern developments of U.S. withdrawal from Iran deal

Two explosions were heard in the Saudi capital Riyadh according to an AFP

Two explosions were heard in the Saudi capital Riyadh according to an AFP

"We have made it clear that if Iran acquires a nuclear capability, we will do everything we can to do the same".

The oil price rose on Thursday and was set for its largest weekly increase in a month, as the market prepared for potential disruption to crude flows from major exporter Iran in the face of USA sanctions. The deal was created to prevent Iran from using its nuclear program to pursue the development of nuclear weapons and to ensure its peaceful nature. The original 2015 agreement had lifted sanctions in exchange for Tehran limiting its nuclear program. "And it doubled down on deploying cyberattacks against targets in the West and in Saudi Arabia, embracing a weapon that was not covered by the nuclear accord". It is in talks with the USA to secure an atomic deal that could pave the way for the Saudi regime to enrich uranium.

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.

The kingdom is customarily coy about how it might respond but the prospective removal of Iranian crude from the market will send oil prices sharply higher unless other producers step up to fill the gap.

NEW YORK, May 9 (Reuters) - Oil prices rose more than 3 percent on Wednesday, after climbing to fresh 3-1/2 year highs, after a bigger-than-expected drawdown in U.S oil inventories extended gains from the United States' decision to quit a nuclear deal with Iran.

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

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Benchmark US crude is up US74ยข, more than one per cent, to $US70.46 a barrel on the futures market in NY.

While both India and China have scope to lower their imports from Iran, they will likely be reluctant, especially given the ongoing dispute over pricing between China's top refiner Sinopec and Saudi Arabia.

The head of OPEC has warned that a decision by President Donald Trump to abandon the Iran nuclear deal would harm the global economy.

In an apparent reference to Iran, bin Salman last month that his country and Israel have "a common enemy" and that they could immediately normalize their relations once the Palestine issue is resolved.

"Saudi Arabia's past support for the nuclear agreement between Iran and the P5+1 countries was based on its firm belief in the need to work on everything that would limit the proliferation of weapons of mass destruction in the Middle East and the world", an official statement read.

According to the same fact-checking website, although Israeli Prime Minister Benjamin Netanyahu presented a trove of documents, they did not add any new information - much of what he had offered was not news for the worldwide community.

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