EU believes that continuation of tensions between Iran and the US will not help resolve the issue, Wallström told reporters before Foreign Affairs Council meeting.
She added that they are committed to the nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA) as the deal is very important.
We want to show that we are trying to support the Instrument in Support of Trade Exchanges (INSTEX) and the investors who wish to be active in Iran, she noted.
The meeting was held in a situation when Germany, France and the UK in a statement expressed their commitments to the JCPOA, ending tensions in the Persian Gulf and resuming talks.
In their statement, heads of Berlin, Paris and London said that they have had some diplomatic initiatives to remove tensions and hold talks.
They urged Iran to stop its recent decision on reducing its commitments with regards to the JCPAO, saying that their compliance with the nuclear deal depends on Iran full commitment.
Earlier, Jeremy Hunt, who was too in Brussels to attend the Council's meeting, confirmed that Europe is trying to save the nuclear deal which was signed between major global powers and Iran in 2015.
He said that there was a "small" but "closing window" to preserve the deal.
Before the meeting, Mogherini said that the options to convince Iran to come back to the deal will be discussed.
France, Germany and UK in a joint statement expressed concerns over the outlook of a failed nuclear deal.
"We believe that the time has come to act responsibly and to look for ways to stop the escalation of tension and resume dialogue," they said.
Europe has been criticized by Tehran for its inaction in face of the US unilateral withdrawal from the nuclear deal. Iran's Foreign Minister Mohammad Javad Zarif said it was not enough that Europe expressed interest in the saving the deal, urging it to walk the talk.
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