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"We'd essentially go back to the pre-2013 dynamic of very high risks of military conflict over this issue," Ms. Geranmayeh said. "And that's exactly what the Europeans have been trying to avoid for the last decade."

Donald Trump's Iran nuclear deal question has Europe planning options →

Nuclear deal co-signers Britain, France and Germany, which have urged Trump to preserve the deal, may seek exemptions to protect their companies if the U.S. snaps back sanctions, said Ellie Geranmayeh, a senior policy fellow studying Iran at the European Council on Foreign Relations.

Airplane and oil deals at risk in Trump pullout of Iran deal →

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