Europe hit hard by US pullout on Iran



May 8, 2018 - 11:00 PM

Price of oil rises sharply in response

WASHINGTON (AP) — Major companies, particularly in Europe, could see billions of dollars in commercial deals canceled because of the U.S. decision to reinstall sanctions on Iran, though the ultimate impact remains unclear due to the possibility of renegotiations and exemptions, experts say.

President Donald Trump’s decision to withdraw from the Iran nuclear deal and re-impose sanctions on Iran means companies worldwide must stop doing business with the country or run afoul of the U.S. government.

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