US President Donald Trump has announced that the US will withdraw from the nuclear deal with Iran.

President Trump, in announcing that the US is pulling out of the Iran nuclear deal, said America "no longer makes empty threats."

He also said that when he makes promises, he keeps them.

Trump called the Iran deal "a great embarrassment to all citizens of the United States."

He also said the US will institute the "highest level" of economic sanctions against Iran.

Trump also said any nation that helps Iran in its quest for nuclear weapons could also be strongly sanctioned by the United States stressing that America will not be held hostage to nuclear blackmail.

With the Iran nuclear deal collapsing, Iran would be free to resume prohibited nuclear activities.

This will also affect global oil prices.

Source: BBC