The German chancellor had said a day before that Europe can no longer rely on the United States for protection, urging European Union member states to take the bloc's destiny in their own hands.
Trump's Iran announcement came earlier than expected - four days ahead of a May 12 deadline - and he made a point of mentioning that Secretary of State Mike Pompeo was on his way to North Korea "at this very moment".
US investment bank Jefferies said in a note that it expects Iranian crude oil exports to start falling in the next few months. In a press briefing on Tuesday, former U.S. Ambassador to Israel Daniel Shapiro told reporters he believed Trump's decision was "a major mistake" and a "reckless and ill-advised decision". "The Treasury Department thanks the UAE for its close collaboration on this matter".
He wants European companies to be able to continue trade with Iran despite US President Donald Trump's decision this week to re-impose sanctions. On 8 May President Donald Trump denounced the deal, saying he would withdraw the U.S. from it.
Trump's announcement last Tuesday that the U.S. was exiting the 2015 nuclear accord was met with widespread dismay among its other signatories - China, Russia, France, the Britain and Germany.
Iranian leaders have said they will begin enriching uranium again, in a move toward building nuclear weapons.
Le Maire said he was seeking concrete exemptions for countries already present in Iran, including Renault, Total, Sanofi, Danone and Peugeot. As a result and pending any further developments, all of the USA nuclear-related sanctions that had been waived under the JCPOA will be re-imposed and in full effect after November 4, 2018.
The Organization of the Petroleum Exporting Countries has a deal with Russian Federation and non-OPEC producers to cut supplies that has helped erase a global glut and boosted oil prices to their highest since 2014.
Since the Iran nuclear deal came into effect, Iranian oil output increased from 2.7 million to 3.8 million barrels per day. Iranian crude oil is something India looks up to. The International Energy Agency said restoring sanctions on Iran, the world's fifth-largest oil exporter, "may have implications for the market balance". The Iranian rial was already struggling amid rumours that the deal would collapse, and according to the Washington Post the rial was trading at 66,000 to the US dollar on the black market despite a government-set rate of 42,000 rials. A Chinese oil company also has a deal to develop the country's massive South Pars offshore natural gas field.
Ultimately, we expect this to bring an end to the existing OPEC deal sooner than later.
They would have to wind up investments by November or face U.S. sanctions. While Trump's withdrawal from the Iran nuclear deal might be meant to show Kim Jong Un that the US president follows through with his threats, it may also reinforce fears that Washington's negotiations can not be taken seriously - and that Pyongyang still needs its nuclear deterrent to ensure its survival.