Trump extends Iran sanctions relief; oil trades near session highs

Trump Lets The Iran Deal Live — For Another Few Months At Least

"You either waive the sanctions or you don't and if you don't you're in breach of the JCPOA", the official said.

Iranian Foreign Minister Mohammad Javad Zarif announced that the country will commit to no obligations beyond those it has already agreed to under an global nuclear deal, saying US President Donald Trump's latest decision on the deal undermined the solid multilateral agreement.

Trump has gnashed his teeth at having to waive the sanctions again, believing his predecessor, Democratic President Barack Obama, negotiated a bad deal for the United States in agreeing to the accord, known as the Joint Comprehensive Plan of Action (JCPOA).

Chinese Foreign Minister Wang Yi told Iranian Foreign Minister Mohammad Javad Zarif by phone that implementation of the deal had not been "derailed" but would face "some new complicating factors", the state news agency Xinhua reported.

The Thursday meeting in Brussels is part of diplomacy on both sides of the Atlantic before deadlines related to the deal falling this month, including deciding whether to reimpose oil sanctions lifted under the deal.

The White House wants European Union signatories to agree permanent restrictions on Iran's uranium enrichment. China and Russian Federation were also involved in the negotiations.

Trump first called on the European nations to reopen the deal to modifications in October; there has been no sign that any party to the deal outside Trump is willing to do so.

He paired Friday's concession with other, targeted sanctions on Iran for human rights abuses and ballistic missile development.

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The president also said a new deal must have no expiration date, and that it must impose sanctions if Iran develops or tests long-range missiles.

Iran says the U.S. has "crossed a red line" by imposing sanctions on the head of its judiciary, Ayatollah Sadeq Amoli-Larijani.

He also urged Iran to continue to fulfill its commitments under the JCPOA.

Notably absent from the entities was Iran's Central Bank.

The agreement, signed by President Obama in 2015, saw economic sanctions waived in return for Iran not developing nuclear weapons.

In Parsi's view, this could prompt Iran to pull out of the deal first.

"The U.S. government, like other parties to the deal, is obliged to fulfill all its obligations, and if it fails to comply with its obligations under false pretexts, it should be fully held accountable for the consequences", the foreign ministry said in its statement.

Trump must decide by mid-January whether to continue waiving USA sanctions on Iran's oil exports under the terms of the pact. Other protests had been staged in opposition to Iran's ballistic nuclear missile program.

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