Iran deal withdrawal, other global issues risk higher oil prices - Goldman Sachs

Iran deal withdrawal, other global issues risk higher oil prices - Goldman Sachs

OPEC is in no hurry to decide whether to pump more oil to make up for an expected drop in exports from Iran after the imposition of new US sanctions, three sources familiar with the issue said, saying any loss in supply would take time.

The oil price rose on Thursday and was set for its largest weekly increase in a month, as the market prepared for potential disruption to crude flows from major exporter Iran in the face of USA sanctions.

Over the years reports have surfaced that Riyadh has been interested in procuring nuclear weapons.

His comments came after Trump defied the wishes of the other parties to the nuclear deal - France, the UK, Germany, Russia and China - by announcing the U.S. would pull out of the accord and impose new sanctions on Tehran.

US Secretary of State Mike Pompeo, left, is greeted by Saudi King Salman in Riyadh, Saudi Arabia.

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"The kingdom will work with major oil producers within and outside OPEC, and with major consumers as well to limit the impact of any shortages in supplies", the Saudi energy ministry said in a Saudi Press Agency statement late Tuesday.

India, which has long-standing ties with Iran but also has close political relations with the United States, is Iran's top oil client after China.

Yesterday, President Donald Trump announced the United States would be withdrawing from the Iran nuclear deal.

Trump has consistently been a harsh opponent of the Iran deal, calling it "the worst" and "defective at its core".

Yemeni armed forces, supported by popular committees, fired Wednesday night a ballistic missile at the headquarters of Saudi Information and Electronic Warfare in Najran, southern Saudi Arabia.

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Saudi Arabia and its close allies Abu Dhabi and Kuwait hold nearly all the spare capacity that could respond quickly to a reduction in Iranian exports.

The pact is seen widely seen by western experts and leaders as the best way to prevent Iran from obtaining nuclear weapons capabilities.

Trump complained that the deal did not address Iran's ballistic missile program, its nuclear activities beyond 2025 or its role in conflicts in Yemen and Syria.

Iran's top three rivals say its development of more powerful, longer-range ballistic missiles and its backing of majority-Shiite Muslim groups overseas are destabilizing to the Middle East. Saudi Arabia is now battling an insurgent Yemeni Zaidi Shiite Muslim group-also known as the Houthis or Ansar Allah-who occasionally targets Riyadh with missiles that Saudi Arabia claims are Iranian in origin.

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