LONDON—European firms have started pulling back investment and abandoning commitments in Iran, responding to a decision last week to reimpose broad American sanctionson Tehran by year end.
Total SA, a French oil giant, said Wednesday it had halted work on an Iranian natural-gas project and warned it may have to pull out altogether from its plan to invest $1 billion in the field. Some shippers of Iranian oil have said they are ceasing to facilitate such trades because of the new sanctions. Insurance companies are studying...