Thursday, 18 October, 2018

Crude Price Suffers Over US-China Trade War

Protesters in Iran attack seminary, break windows ‘Anti-system’ protesters attack seminary near Tehran
Jodi Jackson | 05 August, 2018, 22:15

"There are rising concerns, all this time we have uncertainties on the Iran sanction and uncertainties over tariffs, as we certainly don't need any more trigger for a significant swing [in prices] in one way or another", said Jim Ritterbusch, an analyst in Galena, Illinois.

Iran's powerful Revolutionary Guard on Sunday acknowledged conducting recent naval exercises near the crucial Strait of Hormuz after renewing threats to cut off the waterway to oil traders.

With tensions high ahead of the return of U.S. sanctions on Tuesday, the government of President Hassan Rouhani also faces opposition from conservatives and religious leaders, who have long disliked his outreach to the West and accuse him of governing only for the rich.

President TrumpDonald John TrumpPastor at Trump rally prays to shield Trump from "jungle journalism" Bill Russell: Being criticized by Trump is the "biggest compliment you can get" Salmon farmers in California fear Trump will destroy their industry MORE pulled the US out of the Obama-era nuclear deal, which offered sanctions relief in exchange for Tehran reining in its nuclear program.

ATR, jointly owned by European consortium Airbus and Italy's Leonardo, has been pushing US officials to allow it to finish its delivery of aircraft to Iran. "That's the behavioral change that we're looking for from the Iranian regime", Secretary of State Mike Pompeo told Metro TV in Jakarta.

The three European signatories to the nuclear deal, the United Kingdom, France and Germany agreed with China and Russian Federation last month to continue to support Iran through the reimposition of U.S. sanctions.

In May, Trump controversially pulled America out of the nuclear deal Obama agreed with Iran in 2015.

Washington's withdrawal from the landmark Iran nuclear deal was criticized across the world.

Some sanctions will take effect from August 6 while others, notably on the petroleum sector, will take effect on Nov 4.

India's oil imports from Iran last month soared by 85 percent from the 415,000 bpd shipments in July 2017, according to the data obtained by Reuters.

On Sunday, Iran received five more ATR turboprop airplanes only a day before the return of USA sanctions that have already torpedoed the country's plane purchases with other major providers. State-run refiners accounted for around four-fifths of India's oil imports from Iran.

"This exercise was conducted with the aim of controlling and safeguarding the safety of the global waterway [in the Persian Gulf]", said General Ramazan Sharif, spokesman for Iranian Revolutionary Guards according to state news agency IRNA.

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