Yemen rebels fire two missiles at Saudi capital: coalition

Saudi Arabia ready to support oil market after US pullout from Iran deal

Global oil supplies have been already tightening ahead of this US president determination to grab of this milestone nuclear accord on Tuesday, even though crude stocks have jumped to last-minute highs.

Abandoning the pact was one of the most consequential decisions of Trump's "America First" policy, which has led him to quit the global Paris climate accord, come close to a trade war with China and pull out of an Asian-Pacific trade deal. "It didn't bring calm, it didn't bring peace, and it never will".

In a coffee shop, Saudi businessman Ziad said the kingdom's leadership was correct to challenge a deal that had eased sanctions in exchange for Tehran taking measures that would prevent it being able to make a nuclear weapon.

At 11:20 a.m. EDT on Wednesday, both WTI and Brent prices were surging almost 3 percent, with Brent touching $77 a barrel, following President Trump's withdrawal from the Iran deal and EIA's weekly inventory report showing draws across the board.

Iran, itself a victim of weapons of mass destruction, says it has had no nuclear weapons program and is not in pursuit of such arms. Some lawmakers said Iran no longer is obligated to honor the deal. Prime Minister Benjamin Netanyahu called the decision "courageous".

The renewed sanctions, aimed at the heart of the Iranian economy, will impact the country's energy, financial, and petrochemical sector. The International Atomic Energy Agency has so far verified Iran's adherence to the deal. The JCPOA is working - that is a view shared by our European allies, independent experts, and the current U.S. Secretary of Defense.

During that trip, the Saudi crown prince also boasted about the kingdom's rich uranium reserves, saying Riyadh wants to have the ability to enrich its own uranium for use in the nuclear reactors to be built on Saudi soil.

Saudi Arabian Crown Prince Mohammed bin Salman told CBS News in March, "Saudi Arabia does not want to acquire any nuclear bomb, but without a doubt, if Iran developed a nuclear bomb, we will follow suit as soon as possible".

As a practical matter, only Saudi Arabia, the United Arab Emirates, Kuwait, Russia and the United States have the ability to raise production and exports in the short term.

Trump has employed similar arguments, criticizing the accord for failing to address Iran's ballistic missile program, its nuclear activities beyond 2025, or its role in regional wars.

Recently, a Yemeni commander said entire Saudi Arabia, including its capital, are within the striking range of Yemen's homegrown missiles, warning the Al Saud regime that keeping the massacre of Yemenis would turn its vessels and oil facilities in the Bab el-Mandeb Strait into military targets.

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