Saudi Arabia can boost oil output

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"President Trump is clearly articulating that he has minimal desire in an alternative agreement with Iran", said Ehsan Khoman, head of research for Middle East and North Africa at Mitsubishi UFJ Financial Group.

Iran has, according to Politifact, largely complied with the 2015 deal.

South Korea said on Wednesday it would seek US exemptions to buy Iranian oil, a path many big oil consumers are likely to follow in the wake of new USA sanctions on Tehran, which will tighten world oil markets and push up prices.

Similar to Saudi Arabia, Israel has repeatedly accused Iran of continuing to hide and expand what it calls nuclear weapons program. "We have made it very clear, if Iran acquires nuclear capability, we will do everything we can to do the same".

In a statement, the UAE ministry called on worldwide community and the other states that are parties to the agreement to support the USA stance.

Trade data already show a reduction of Iranian oil supplies to Japan and South Korea, and refinery sources confirmed they had started shifting purchases in preparation for renewed sanctions.

"This was a frightful, one-sided deal that should have never, ever been made", Trump said.

Trump said the Obama-era deal failed to contain Iran's nuclear ambitions, announcing that the United States will re-impose sanctions on Tehran. Some lawmakers said Iran no longer is obligated to honor the deal. Under such a situation, Iran may decide that its main reason for joining the deal, namely economic recovery through foreign investments, can not be achieved, and withdraw from the deal.

Given the uncertainties about Iran's response over the next few months to Trump's action, as well as the good will Trump's decision has generated in Riyadh, the administration might also want to probe the possibility of extending the negotiations in order to win nonproliferation concessions and submit the agreement to a new Congress in January.

Energy-rich Saudi Arabia, a fierce regional foe of Iran's, is already seeking U.S. help in starting a nuclear program of its own, giving rise to concerns that it might be trying to compete with Iran's nuclear program and create its own nuclear weapons program. But there is little practical reason that Saudi Arabia can not postpone its bid decision and plenty of political and diplomatic reasons for it do so.

Except for Saudi Arabia and Israel, the entire worldwide community reacted with anger to Trump's decision to abandon the deal, which has been hailed as a victory for global diplomacy and a pillar of regional stability.

The United Nations, Western nations and Saudi Arabia say Iran supplies the Houthis with long-range missiles capable of reaching Riyadh. Preventing the two countries from having a nuclear-weapon capability and competing in a nuclear arms race is the goal.