US sanctions not effecting Iran oil sale: Bloomberg

While nations such as China, India and Turkey may oppose the US move and keep current levels of Iranian crude purchases, American allies, including Japan and South Korea, may comply because of concerns, they could lose a security umbrella against North Korea, according to MUFG Bank.

If the theory is true, the customers of Iranian oil can waiver the sanctions and lower the impact of the sanctions of the oil market.

The US president announced on Tuesday that his country won't stay in the deal it had signed in January 2015 with Iran and five other world powers, which was also confirmed by the UN Security Council.

High Representative of the European Union for Foreign Affairs and Security Policy Federica Mogherini said that EU opposed Trump's decision to pull out of the deal and added that the EU will stay with Iran and other signatories of the deal.

Leaders of England, Germany and France separately issued statements and announced that they will stay in the deal.

French President Emmanuel Macron on a phone call on Wednesday urged Iranian President Hassan Rouhani to stay in the JCPOA.

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