Why it's vital to save the Iran nuclear deal

For all practical purposes, Iran has been driven to a corner since the United States withdrew from the 2015 Iran nuclear deal and re-imposed sanctions on the Middle East country. The first phase of sanctions targeting Iran's non-energy trade went into effect on Aug 6. In the second phase, the Trump administration announced on Friday that it will reimpose sanctions on Iran that were lifted under the historic Iran nuke deal.

Because of the US' withdrawal from the Iran nuclear deal and subsequent re-imposition of sanctions, the fear of confrontations between Iran and the US, and among Iran, Israel and Saudi Arabia have increased and the situation in the Middle East is worsening.

Due to the restrictions on Iran's oil exports, there has been a shortage of oil supply in the international market. The situation could worsen in the short term because it is difficult for other oil-producing countries to fill the supply gap caused by the "absence" of one of the world's largest oil suppliers.