Washington's five other partners in the deal have already taken turns to denounce Trump's attack on the multilateral Iran deal, vowing that they would stick to their commitments under the accord despite the USA withdrawal.
For the USA to abandon the JCPOA could have global consequences, including with North Korea, which has nuclear weapons and which, unlike Iran, is not inspected by the UN's International Atomic Energy Agency (IAEA).
"My forecast is that should Europe cave in under pressure and boycott Iranian oil, Iran will see a reduction of 700,000 barrels a day in its exports", he added. At least some of that oil will now be pulled from the market - at a time when oil prices are already rising because of production cuts by OPEC and Russian Federation as well as instability in Venezuela.
"We will be instituting the highest level of economic sanctions".
"At this moment, our trading activity is business as usual", said Marta Llorente, a spokeswoman for Spanish oil company Cepsa, one of Iran's customers in Europe. Crude topped $70 a barrel this week for the first time in almost four years. Prices have gained over 8% over the past month and 15% since the beginning of the year.
Germany, France and Britain all are signatories of the 2015 deal, which was meant to stop Iran from developing nuclear weapons in exchange for the lifting of economic sanctions. Even though WTI is a domestic crude benchmark and Brent is an worldwide benchmark, gasoline prices in the United States tend to follow Brent. Correspondingly, EIA's forecast for regular gasoline retail prices increased to an average of $2.79/gallon (g) in 2018, $0.15/g higher that in last month's STEO. The typical family will spend about $200 more this summer driving season, according to the Oil Price Information Service. In July, Bolton told the Iranian fringe dissident group Mujahedeen Khalq that "the declared policy of the United States should be the overthrow of the mullahs' regime in Tehran".
"I want to stress we are under no illusion about the stuff Iran gets up to in the region, in the Middle East".
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He told CNN's State of the Union: "The Europeans will see that it's in their interests to come along with us".
"The three or four-year period of quiet in terms of geopolitics impacting oil markets is over", said Canary's Eberhart.
Before leaving Iran, Zarif published a government statement via Twitter criticising Trump's "extremist administration" for abandoning "an accord recognised as a victory of diplomacy by the worldwide community". Now, the outcome of the United States getting out of it is to reimpose all American sanctions as they were before the deal came into effect.
In April, when EIA developed the May STEO, several geopolitical risks presented sources of uncertainty.
So far, China, France, Russia, Britain, Germany and Iran remain in the accord, which placed controls on Iran's nuclear program and led to a relaxation of economic sanctions against Iran and companies doing business there.
"If the government of New Zealand obeys any sanction against Iran, it is not sanction against Iran it is a sanction against the New Zealand companies", Mr Mianji said. China, Iran's largest customer, may be especially reluctant to cut Iran off because of the trade tensions between Beijing and Washington.
Representatives in the industry had already expressed their concern about difficulties exporting to Iran, the minister said.