Oil Gains as Israel and Iran Clash After Trump's Sanctions Move

13 May, 2018, 01:04 | Author: Charlene Valdez
  • UAE minister of state for foreign affairs Anwar Gargash said “Iran’s rhetoric and aggressive regional actions were the background to a flawed deal”. Fayez Nureldine  AFP

"The prime minister raised the potential impact of US sanctions on those firms which are now conducting business in Iran", her spokeswoman said.

And, in their attacks on the Iran deal, some see an attempt to rewrite history.

Analysts estimate that the re-imposition of sanctions could reduce Iran's exports by between 200,000 and 600,000 barrels per day.

According to Federica Mogherini, no country can single-handedly destroy the nuclear deal with Iran since it is "not a bilateral agreement, but a heritage of the world".

"Why don't we create the same type of agency in Europe, capable of following the activities of foreign companies and checking if they are respecting European decisions?" he said.

A fourth OPEC source also said it was too soon to tell if extra oil was needed, citing Iran's ability to keep much of its exports flowing under a previous round of sanctions.

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The Iranian deals represented a blip in Boeing's business.

"Washington no longer wants to cooperate with the rest of the world and we are at the stage where we have to replace the United States", Juncker said in a speech in Belgium earlier this week.

"The goal of the wind-down provisions - for example, in the case of oil purchases from Iran, if it's a long-term requirements contract, for example - what we're saying is that although the sanctions come back into effect immediately, precluding any new contracts, for those affected by our jurisdiction, they've got six months to phase it out", said John Bolton, Trump's national security adviser, in a briefing with reporters. Other countries are following suit, with Guatemala opening its embassy in Jerusalem on Wednesday, two days after the U.S. "There is no one who will realistically choose Iran over the United States", said energy consultancy FGE.

A senior trader with another company said he expected banking to pose a major problem to Iranian oil trade and a third said even if waivers are granted, volumes would still decline.

The threat of new sanctions come amid an oil market that has already been tightening due to strong demand, especially in Asia, and as top exporter Saudi Arabia and top producer Russian Federation have led efforts since 2017 to withhold oil supplies to prop up prices.

In China, which is Iran's single biggest buyer of oil, Shanghai crude futures posted their biggest intra-day rally since their launch in March, rising more than 4% to a dollar-denominated record of around $73.40 per barrel.

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"However, The Trump administration has taken a hostile stance to the country's leadership".

Facing that reality, Le Maire said the European Union should strengthen its own legal arsenal against any such future US threats.

German industrial equipment manufacturer Siemens, which has multi-billion-dollar contracts with Iran for rail, power plant and other projects, said it is assessing the possible impact but expects it to be immaterial. Firms would not be allowed to strike new deals with Iran.

Most of the companies should be able to withstand the loss of deals in Iran.

Closer ties with Europe have helped Iran.

Koenig reported from Dallas and Charlton from Paris.

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