World oil prices reach maximum since 2014

Trump said a decision on whether to remain in the Iran nuclear deal or to impose sanctions would be announced at 2:00 p.m. EDT on Tuesday

Saudi Arabia has long said it would match any Iranian weapons development, but Jubeir's renewed vow came after US President Donald Trump pulled the United States out of an accord created to prevent Tehran's alleged quest for the bomb.

Oil prices wavered between gains and losses Friday morning but hovered near the more-than-three-year highs reached after President Donald Trump's decision to pull the US out of the Iran nuclear deal.

Oil prices rose in response to the announced measures. Prior to the signing of the Vienna agreement, Iran has exported one million barrels a day.

Even without disruption to Iran's crude flows, the balance between supply and demand in the oil market has been tightening steadily, especially in Asia, with top exporter Saudi Arabia and No.1 producer Russian Federation having led efforts since 2017 to cap output to prop up prices. "Other countries may accept that but here in Saudi Arabia we don't accept that", he said.

Malik estimated Saudi oil revenues, 440 billion riyals ($117.3 billion) in 2017, could be 7 to 9 percent higher this year than they would have been without Trump's decision.

Increased geopolitical tensions in the Middle East, plunging Venezuelan production, and now the US withdrawal from the Iran nuclear deal could push Brent Crude prices to $82.50 a barrel by summer, Goldman Sachs said Wednesday.

In other, possibly smaller ways, Trump's decision is bad news for some countries in the Gulf. "There will be more negativity, more highlighting of the risks", said one UAE banker. But they warned there was a risk that deteriorating conditions in Iran would push prices to $100, a level not seen since 2014. That's about 1 million barrels a day more than in early 2016. The UAE's exports to Iran are worth about 5 percent of its gross domestic product.

For Saudi Arabia, that is "fine" because it means the return of sanctions and ratcheting up pressure on Iran in the region, including by Israel.

In the first quarter PDVSA exported 1.19 million bpd of crude from its terminals in Venezuela and the Caribbean a 29% decline versus the same period last year

Asked whether the United States might impose sanctions on European companies that continue to do business with Iran, Bolton told CNN: "It's possible".

And apart from Dubai and Oman, the wealthy Gulf oil exporting states have minimal trade and investment links with Iran, meaning they have little to lose.

But minutes after he spoke, Iranian President Hassan Rouhani said Tehran could resume uranium enrichment "without limit" if its interests are not assured by the remaining signatories.

But a tumble of Iran's rial to record lows against the dollar in the free currency market on Wednesday showed many Iranians expect tough economic times. Hong Kong's Hang Seng index added 0.5 percent to 30,552.57 while the Shanghai Composite Index dipped 0.1 percent to 3,159.22.

"It is not yet clear which concrete sanctions the USA will impose".

At the same time, the analysts said the global economy is growing at a healthy pace and supporting higher demand for oil.

Oman, the back-channel for US-Iran talks that paved the way for the 2015 accord, said Wednesday "the option of confrontation is not in the interest of any party".

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