Trump cedes global leadership by pulling out of Iran nuclear deal

But he also dealt a profound blow to allies, deepened his isolation on the world stage and revived doubts about American credibility in the most consequential foreign policy action of his presidency.

The oil market won’t have to wait until May 12 to learn whether the US will be walking out of the deal, as President Trump will be announcing his decision later today.

He then signed a memo which reinstated the crippling sanctions that were lifted in 2015.

“In the name of the Iranian people”, he added, “you are making a mistake, Mr. Trump“.

“If we do nothing, we know exactly what will happen”.

“At this point, we have to replace the United States, which as an global actor has lost vigour, and because of it, in the long term, influence”, he said.

Iran has said it will try to salvage the agreement, but would restart uranium enrichment if it could not.

The P5 + 1 was made up of the five permanent members of the UN Security Council which are China, France, Russia, United Kingdom, United States-plus Germany. “We are going to go after other objectionable aspects of Iran’s behavior and try to reduce this threat in the region and around the world”.

“The oil market has been in an upward trend for almost eleven months, and given the Iranian development it is likely to continue”, said CMC Markets analyst David Madden.

“At the conclusion of the wind-down periods, the applicable sanctions will come back into full effect”. Many say they have not seen any benefits from the nuclear deal.

Trump and other conservatives were concerned about what the deal “gave” Iran: the “sunset” clauses and Iran’s regional activities and missiles. The US has given European companies six months to wind up their businesses in Iran or face sanctions.

On Tuesday, Trump fulfilled a campaign by declaring that the U.S.is leaving the deal.

The exhortation from Khamenei, who has the final say on all state matters, follows a pattern of Iranian leaders declaring their nation’s ability to resist foreign pressure or interference.

Former President Barack Obama, whose administration negotiated the deal, called the Trump decision “misguided”.

China yesterday voiced regret over Mr Trump’s decision and vowed to “safeguard” the agreement, while Russian President Vladimir Putin said he was deeply concerned over the U.S. decision.

Iranian President Hassan Rouhani warned that although his country would remain in the nuclear deal for now if it can not agree with other parties on a way to move forward, it will resume the enriching of uranium for nuclear bombs.

In a carefully crafted statement, India while on one side said the Iranian nuclear issue should be resolved peacefully through dialogue and by respecting Iran’s right to peaceful uses of nuclear energy, it also made it clear that worldwide community’s strong interest in the exclusively peaceful nature of Iran’s nuclear programme is equally important.

Pyongyang regularly cites the fates of Gaddafi and Saddam Hussein in Iraq – whose government was overthrown in a US-led invasion – as evidence of the need for nuclear arms.