"As we have throughout this process, we'll continue to follow the USA government's lead", the company said. The Kingdom also supports reinstating economic sanctions on the Iranian regime, which have been suspended under the nuclear deal.
President Donald Trump is preparing to impose new sanctions on Iran, the White House said on Wednesday, following the United States withdrawal from the multinational 2015 agreement that stalled Iran's nuclear program.
Within minutes of the President's announcement, Mrs May, French president Emmanuel Macron and German Chancellor Angela Merkel issued a joint statement expressing their "regret and concern".
The global oil market is finely balanced, with top exporter Saudi Arabia and No. 1 producer Russian Federation having led efforts to curb oil supply to prop up prices.
The JCPOA reached by Iran, China, France, Germany, Russia, the United Kingdom, the USA and the European Union sets out rigorous mechanisms for monitoring restrictions placed on Iran's nuclear programme, while paving the way for the lifting UN sanctions against the country.
The proposed sanctions, which are not yet in place, would impact Iranian oil, and oil companies are now searching for other sources.
"I think I told them so", said Cotton.
"They agreed on the need for calm on all sides and on the importance of tackling Iran's destabilising activity in the region". As we saw Wednesday with the release of three American prisoners by North Korea, Trump's high-risk and high-reward plays, and his brash style, can lead to wins.
The Downing Street spokesman said: "The two leaders looked forward to the summit which will take place between President Trump and Kim Jong-un in Singapore".
"We feel that the extraterritoriality of their sanction measures are unacceptable", said Le Drian, according to BBC.
Bruno Le Maire, France's economy minister, said that France had "tripled its trade surplus in Iran" in two years, and he cited companies including the drugmaker Sanofi, the energy firm Total, and vehicle manufacturers Renault and Peugeot, as among those doing business in Iran.
Since the Iranian revolution in 1979, the United States had been increasingly imposing economic sanctions on Iran to restrain its nuclear technology development activities. "The answer is no.", he said.
"Whatever the decision of the United States, it's not going to disrupt our economy", he said Tuesday, according to the semi-official Mehr news agency. "The answer is no".
Mr Hook argued the US President's decision will stand in the pursuit of a new deal with Iran that will prevent the rogue state developing nuclear weapons.
"This time it's different, because there is no consensus, it is not taken for granted that other countries will also impose sanctions", said Hakimian.
But she added: "If everybody does what they like, then this is bad news for the world".
But officials said they now believed there is virtually no way to change Trump's mind and that he is likely more focused on his domestic political goals - fulfilling a campaign promise and undoing the signature foreign policy achievement of his predecessor, Barack Obama - rather than on the broader security benefits of constraining Iran's nuclear program.