10152018Mon

Oil prices rise as US sanctions on Iran increase

Iran Focus

London, 12 Sep - Oil prices soared on Tuesday as US sanctions put increased pressure on Iranian crude exports, which restricted global supply despite the US’s efforts to get other oil-producing countries to increase their output.

This resulted in Brent crude oil rising to $77.88 a barrel (up 51 cents) and US light crude rising to $67.71 a barrel (up 16 cents).

Tamas Varga, an analyst at London brokerage PVM Oil said: "The impact of the U.S. sanctions on Iran is firmly being felt.”

As U.S. drilling stalls and Iran Sanctions Loom, Oil Prices Jump

Iran Focus

London, 11 Sep - On Monday, oil prices rose as U.S. drilling stalled and new U.S. sanctions against Iran’s crude exports are set to go into effect in November. Experiencing a jump to $1.09 a barrel, Brent crude oil reached a high of $77.92. U.S. light crude jumped to $68.30 a barrel.

Harry Tchilinguirian, oil strategist at French bank BNP Paribas said, “A higher oil price scenario is built on lower exports from Iran due to U.S. sanctions, capped U.S. shale output growth, instability in production in countries like Libya and Venezuela and no material negative impact from a U.S./China trade war on oil demand in the next 6-9 months.” He told Reuters Global Oil Forum, “We see Brent trading above $80 under (that) scenario.”

Iran Oil

Iran Focus

London, 10 Sep - As Donald Trump continues to increase pressure on Iran ahead of the incoming November sanctions on Iranian oil, most recently by scheduling a UN Security Council meeting on Iran for later this month, global oil markets have gone into overdrive.

At the meeting, Trump is likely to address the problems he sees with Iran, including terrorism, regional interference, and human rights abuses, while outlining the need for the other UNSC members to join in with his sanctions against Iran.

In response to this, Iran has resorted to its traditional threats of closing off the Hormuz Strait, where a third of global oil exports pass through, which could well lead to higher oil prices.

Currency Crash In Iran

Iran Focus

London, 7 Sep - On Wednesday, residents of Tehran lined up outside moneychangers as Iran’s rial fell to a record low, a 140-percent drop in value since America exited the nuclear deal last May.

The Iranian week begins on Saturday, and by the end of the day on Wednesday, the Iranian peoples’ money had lost a quarter of its value.

“Everyone’s just nervous,” said one resident. However, state media has not acknowledged the drop.

Hassan Rouhani

Iran Focus

London, 6 Sep - Hassan Rouhani was summoned by parliament to answer questions on the country’s mounting economic crisis last week. He blamed the economic problems on an “American conspiracy”, but his argument was rejected, and he is now facing a judiciary review. Putting further pressure on him, is the fact that two of his ministers were impeached last month.

In May, US President Trump exited the 2015 nuclear deal and reimposed the sanctions the deal had lifted. Following this, Iran’s economy plummeted, with Trump’s warnings to foreign companies that they will face penalties for continuing to do business with Iran.

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