It said the Kingdom had supported the deal between Iran and other six powers at the beginning to limit the proliferation of weapons of mass destruction in the Middle East and the world, but Iran exploited the economic gains of the deal to destabilise the region.
"My expectation is not that oil prices go higher", he said.
But while China on May 9 became the last of the world powers that signed the 2015 agreement to say it will honor the pact despite the USA decision to withdraw, Iranian rival Saudi Arabia said that it will support the US withdrawal by making up for any shortfall in Iran's oil production caused by renewed USA sanctions on Iran.
Shares in oil majors Total (TOTF.PA), Royal Dutch Shell (RDSa.L) and Eni (ENI.MI) were all trading up between 1.1 and 2.3 percent.
"We also introduce a 2Q $90/bbl Brent price target for 2019 and see a risk of $100/bbl oil next year, although we are concerned that these market dynamics could unfold over a shorter timeframe", Francisco Blanch, Managing Director at Bank of America Merrill Lynch, said in a note on Wednesday.
USA drivers who've noticed higher prices at the pump may be tempted to blame Trump's Iran decision, but it's only one factor at play right now.
Bitcoin pulls back from $10K; Buffett, Munger, and Gates hammer away
Bitcoin (BTC-USD) and other cryptocurrencies, for that matter, are therefore only valuable because of investor interest. By design, Bitcoin price and other cryptocurrencies like it are very hard to anticipate in terms of value .
A drop in Iranian exports due to a return of US sanctions, plus involuntary supply losses in other OPEC members such as Venezuela would mean the supply cut would be significantly larger than intended.
Asked whether the United States sanctions will hit the Chabahar port project, Mr Kumar said it was too early to analyse and come up with conclusions about implications of USA withdrawal from the nuclear deal.
At least some of that oil will now be pulled from the market at a time when oil prices are already rising because of production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation as well as instability in Venezuela, CNN Money reported.
Iran has said, it would restart uranium enrichment if the agreement could not be salvaged.
However, they bounced back strongly in Asia and there is talk it could continue rising to $80 a barrel, with gains helped by uncertainty in oil-rich Venezuela, the OPEC-Russia output cap, improving global demand and data pointing to a drop in U.S. stockpiles.