Oil prices surged to their highest level since 2014 as US President Donald Trump’s plans to scrap the Iran deal raised the possibility of locking one of the biggest crude producers out of the market.
Total SA, the only Western energy major investing in Iran, will lose its stake in the South Pars natural gas field to its Chinese partner if the Paris-based company withdraws from the country, the head of National Iranian Oil Co. said.
U.S. oil rose above $70 a barrel for the first time since November 2014 as traders braced for a re-imposition of U.S. sanctions on Middle East crude producer Iran.
A key Democratic congressman said Friday he is backing the nuclear deal with Iran after President Barack Obama wrote him a personal letter saying the US has options to curb Iran if it violates the agreement.
A landmark nuclear agreement has been reached with Iran after clearing final obstacles, a senior diplomat said today. The diplomat said the deal agreed at talks in Vienna includes a compromise between Washington and Tehran which would allow UN inspectors to press for visits to Iranian military sites as part of their monitoring duties. But access at will to any site would not necessarily be granted and, even if so, could be delayed - a condition that critics of the deal are sure to seize on as possibly giving Tehran time to cover any sign of non- compliance with its commitments. Under the deal, Tehran would have the right to challenge the UN request and an arbitration board composed of Iran and the six world powers that negotiated with it would have to decide on the issue. Nevertheless, such an arrangement would be a notable departure from assertions by top Iranian officials that their country would never allow the UN's International Atomic Energy Agency into such sites. Iran has argued that such visits by the IAEA would be a cover for spying on its military secrets.