Shanghai crude oil futures ISCc1 have recently seen a significant uptick in their trade volumes, which hit a record 250,000 lots, a day after Trump announced the U.S. was withdrawing from the 2015 Iran nuclear deal.
"All member European Union states are still backing this agreement, despite the fact the United States has decided not to, and we will continue talks with the United States", she told reporters on the sidelines of a meeting of EU leaders in the Bulgarian capital Sofia.
At an EU-Western Balkans summit in Sofia, Bulgaria, leaders settled on several areas where they would be willing accommodate President Donald Trump's administration, on the condition that Washington give Europe's steel and aluminum producers a permanent exemption from tariffs.
The work, Mogherini said, is focusing on nine key areas including Iran's capacity to continue selling oil and gas as well as ways to protect European firms doing business in the country.
"They think they can make the Iranian nation surrender by putting pressure on Iran, through sanctions and even threats of war".
Trump's withdrawal does not only jeopardize the European companies' interests, but also threatens Europe's existence as a balancing and influential political power in the larger political landscape dominated by the U.S.
Mr Le Maire told the French conservative daily Le Figaro: "The President of the Republic has been very clear: [France] wants to maintain the accord with Iran..."
The European Commission's blocking statute is seen by European governments more as a political weapon than a regulation, because its rules are vague and hard to enforce, serving mainly as a warning to the US.More news: Fatalities Reported in School Bus, Dump Truck Crash in New Jersey
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Europe's mood is shifting from shock at US President Donald Trump's "America First" agenda to a resolve to close ranks and assert its own position.
He called on the US President not to abandon the practice of multilateral negotiation with regards to issues of common interests, such as Iran or trade politics between regions.
The EU will stick to the Iran deal and the bloc's leaders have mandated their Brussels-based executive to defend the interests of European companies dealing with Tehran from U.S. sanctions if needed, Reuters reported Thursday.
The EU's proposals are its most assertive yet in dealing with the U.S., whose withdrawal from the 2015 agreement threatens to scupper the treaty and has anxious leaders it could put Iran back on a path to developing nuclear weapons.
The so-called "blocking statute" was introduced in 1996 to circumvent United States sanctions on Cuba but was never used.
The prospect has rankled many European countries, particularly France and Germany, that have built extensive trade ties with Iran since the deal was signed.
"With the sanctions the Americans are to impose, you can't do business in Iran if you also have business in the USA, and we have that on a large scale", Skou told Reuters. "No one will choose Iran over the US The deal is dead".
European Union leaders meeting in Sofia agreed to stick to the accord as long as Iran holds to its side of the deal.