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That made Iran the third-biggest exporter of crude within the Organization of the Petroleum Exporting Countries, behind Saudi Arabia and Iraq.

Iran is one of the world's largest oil producers, and the export of oil and gas is worth billions of dollars each year.

Oil prices surged more than two percent in Asia on Wednesday after Donald Trump pulled the United States out of the Iran nuclear deal, fuelling fresh geopolitical uncertainty.

The key for the energy market will be whether Trump takes aggressive action to prevent Iran from shipping oil overseas. A longtime critic of the 2015 deal, Trump has said he'll withdraw the U.S. from it if other partners - mainly Britain, France, and Germany - don't "fix" its perceived flaws.

He also believes that "While prices are now rising on Trump's decision to reimpose sanctions on Iran, we may see some limitations to the rally as any lost volumes can be supplied by other producing nations".

The oil market can ill-afford yet more shortfalls in production, especially given the drop in global inventories of crude and refined products to a three-year low, involuntary outages in major producers such as Venezuela and a shortage of new upstream projects.

Oil prices clocked up more multi-year highs yesterday as traders adjusted to the prospects of renewed USA sanctions against major crude exporter Iran amid a tightening market.

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Boeing said it would consult with the government on what comes next.

OPEC agreed to reduce output by about 1.2 million barrels per day in the deal.

Oil prices dipped on Friday, easing from multi-year highs in the previous session on hopes that alternative supplies could replace a looming drop in Iranian exports from USA sanctions, Reuters reports.

Tourism in Iran had also benefited from the nuclear deal, with visitor numbers increasing from 3.8 million visitors in 2012 to over 5 million in 2015, and this could also be affected by renewed sanctions.

While Peek did not detail the nature of the coordination, Trump spoke with Prime Minister Benjamin Netanyahu numerous times in recent months and cited the premier's presentation of documents "conclusively showing" Iran's history of pursuing nuclear weapons in his speech Tuesday announcing he would leave the 2015 accord. Even so, the US's closest allies still seem to be very much in the dark on what he'll decide.

The sanction bars USA individuals and entities from doing business with the affected entities following the move, which was carried out in conjunction with the United Arab Emirates (UAE).


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