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In particular, secondary sanctions-which punish companies and individuals of other countries for doing business in Iran-may make it hard for Iran to sell its oil even as other signatories to the nuclear accord-such as Europe, Russia and China-pledge to remain in it.

The leaders of the European Union, France, Germany, the United Kingdom, Turkey, Australia, Japan, China and Russian Federation have expressed regret at the USA decision to stop honoring the agreement.

US's exit from the nuclear deal and re-imposition of sanctions poses a substantial impact on the Iranian oil and shipping sectors.

When asked what Saudi Arabia will do, Jubeir said, "We will do whatever it takes to protect our people".

The sanctions clash came as some European countries, including France and Germany, served notice that they are considering counter measures to allow their firms to keep trading with Iran.

City A.M. understands a number of options are on the table as the bloc - which is Iran's third biggest trading partner after China and the UAE - seeks to maintain the deal while also safeguarding European firms who may find themselves in violation of U.S. law.

"We've always said our concern about this agreement in 2015 was that Iran should not take it as carte blanche to go and expand its territorial influence", Abdulaziz al-Sager, head of the Gulf Research Centre, which is based in Jedda, Saudi Arabia, said.

In case the risk of sanctions snapping back had not been addressed in contracts signed with Iranian companies, adhering to US sanctions will lead to liability risks. "I told them that if they did not get the assurances of a two-thirds vote of the United States Senate as our Constitution mandates...then they should not be surprised if a new President does not stick with the terms of the deal that Barack Obama negotiated".

Iran re-emerged as a major oil exporter in 2016 after global sanctions against it were lifted in return for curbs on its nuclear program.

More news: Putin, Merkel Agrees To Preserve Iran Nuclear Deal

On Monday, U.S. crude reached $70 a barrel for the first time since November 2014.

Other steps under consideration in Brussels include stepped-up efforts to promote trade and investment in Iran, particularly with small and medium-sized businesses, and increased energy cooperation.

There's no evidence that Trump will offer that kind of change any time soon, and former officials who have dealt with Iran were pessimistic about the prospects for Americans held in the country.

While there were no concrete steps immediately agreed upon, the refusal of European allies to accept Trump's decision is likely to draw the president's ire. But its oil minister said on Thursday that Trump's decision to quit the pact would not affect Tehran's exports.

Downing Street said Prime Minister Theresa May phoned the US President to stress that the United Kingdom will remain "firmly committed" to the global agreement that he has condemned.

"Europe and China will not fight against the USA sanctions". "The decision demonstrates that the US has decided that confrontation with Iran is both necessary and inevitable, regardless of what European allies think".

Airbus, which is subject to the USA license because of its use of American-made parts in its aircraft, didn't immediately respond to a request for comment.

"We made the case for keeping the deal at every level".