S., the deal has become shaky.
Officials are considering whether a drop in Iranian exports and a decline in supply from another OPEC member, Venezuela, demands adjusting the deal that runs to the end of 2018.
Trump has been a strong critic of the accord, in which Iran agreed to limit its nuclear programme in return for the lifting of sanctions. Pertinently, North Korea believes it can at least rely on China as a buffer against potential US aggression; Iran does not have a similar faith in Europe. The re-imposition of sanctions was broadcast months ago by President Trump during his presidential campaign, so the market was prepared and has discounted the impact.
Iran, which pumps about 4 percent of the world's oil, exports about 450,000 barrels per day (bpd) to Europe and around 1.8 million bpd to Asia.
Mnuchin did not spell out what the administration would consider as a "significant reduction" in purchases of oil.
US light crude was down 66 cents at $70.70, off a 3-1/2 year high of $71.89 it hit on Thursday.
Guterres told the BBC that the Iran agreement was an "important diplomatic victory" and should be maintained.
On a related note, German Chancellor Angela Merkel told a news conference that her country had noted the USA decision with "regret and concern", saying, "We must not question the Iran deal, however, we also need to talk about a broader deal that goes beyond it". Total did not respond to requests for comment.
Global benchmark Brent crude stabilized near 3-1/2-year highs on Friday as the prospect of new US sanctions on Iran tightened the outlook for Middle East supply at a time when global crude production is only just keeping pace with rising demand.
Jubeir said: 'These missiles are Iranian manufactured and delivered to the Huthis.
"It's possible", Bolton said on CNN when asked about the prospect of sanctions. "As those sanctions kick in, it will have an even broader effect as well", he said. Let's not forget that pulling out of the Iran nuclear deal was one of Donald Trump's campaign promises. PSA Peugeot Citroen, for example, sold over 3.6 million vehicles worldwide a year ago.
For these multinationals, part of Iran's value lies in its potential for growth-the country has been deprived of investment for years and has a young demographic. Honoring French President Emmanuel Macron, who came to Aachen, Germany, to receive the prestigious Charlemagne Prize, Chancellor Angela Merkel said "it's no longer the case that the United States will simply just protect us", urging Europe "to take its fate into its own hands".
It's a decision which has implications for the global oil market and multi-billion dollar business deals.
The growth in business has been most favourable to Iran so far. There will be a 90-day and 180-day wind down period before sanctions really start to bite, which puts the deadline at early November.
However, since Trump's announcement, Iran has threatened to gather uranium if negotations fail in response to the U.S. withdrawal from the agreement.
"These sanctions do impact all of the major industries", Munchin added. This assumes that waivers are provided like they were last time sanctions were imposed. "They worked last time. That's why Iran came to the table", he pointed out, adding that there might be some exclusions as needed.