Oil headed for the biggest weekly surge in almost two years after Russia’s invasion of Ukraine roiled global markets and fueled fears of a supply crunch, driving prices to their highest since 2008.
Iran has insisted that the United States and its allies should promise to allow Tehran to export its crude oil as negotiations on restoring the tattered nuclear deal resume in Vienna.
President Donald Trump’s decision to reimpose sanctions on Iran threatens to tighten global oil markets and could derail tens of billions of dollars in business deals.
US President Donald Trump has announced he is pulling out of the Iran nuclear deal.
Oil rebounded to trade at the highest level since 2014 as investors focused on how buyers of Iranian crude will react to U.S. sanctions aimed at cutting exports from OPEC’s third-largest producer.
Britain joined France and Germany in recommitting to the Iran nuclear deal after Donald Trump ignored their pleas and pulled the United States out of the accord.
Oil prices sank on Tuesday as traders awaited news on whether the US would remain in the Iranian nuclear deal.
Russia has sharply criticised the US push for modifying the nuclear agreement with Iran, calling Washington’s demands “deplorable”.
Donald Trump is to extend waivers on Iran sanctions, keeping the landmark 2015 nuclear deal alive for at least another few months despite his vows to scuttle the deal, according to sources in Washington.
US President Donald Trump has stated his intention to rip-up the Iran nuclear deal unless 'serious flaws' are examined under negotiation.
Prime Minister Theresa May has used a phone call with her Israeli counterpart to stress the importance of the Iran nuclear deal.
Business leaders within the European market have given export guarantees to Tehran in an effort to retain the Iran nuclear deal in the event of US withdrawal, the Guardian has reported.
Britain must tread carefully in its newly thawed relationship Iran, but the two countries can work together to defeat Islamic State (IS) militants, Foreign Secretary Philip Hammond has suggested.
United States President Barack Obama promised Democrat politicians the US will continue to put economic pressure on Iran - and keep military options open - if his administration’s nuclear deal with Tehran goes through.
Global oil markets won’t feel the real impact of Iran’s historic deal with world powers until 2016 as sanctions remain in place while nuclear inspectors go to work, said banks including Citigroup Inc., Goldman Sachs Group Inc. and Commerzbank AG. OPEC’s fourth-largest member won’t achieve a crude-export boost of more than 500,000 barrels a day, or about 50 percent, until next year as Iran’s compliance with curbs on its nuclear program is verified, the banks say. The nation will probably choose to gradually increase exports once sanctions are lifted, rather than risk lower prices by rapidly pushing crude into an oversupplied market, according to the International Energy Agency.
Israel's nuclear affairs minister said his country was like the boy in the fairy tale who pointed out the emperor had no clothes, heaping scorn on the Iran nuclear deal on Wednesday and emphasising Israel's right to unilateral self-defence.
Israeli prime minister Benjamin Netanyahu has branded the Iran nuclear deal a mistake of “historic proportions” and vowed to maintain efforts to block the Islamic republic from obtaining an atomic bomb. His reaction was echoed across the political spectrum in Israel, where concern is high that the country’s arch enemy has duped the world and will acquire nuclear weapons to use against Israel. Iran already backs militant groups that attack Israel and its leaders have referred to Israel’s destruction in the past. Mr Netanyahu has been at the forefront of global opposition to the deal and has openly clashed with Barack Obama’s US administration and other western powers who have been pushing for an easing of sanctions in return for greater restrictions on Iran’s nuclear programme.
World powers and Iran have formally announced a comprehensive nuclear accord. Federica Mogherini, the European Union’s foreign policy chief, said: “Today is an historic day.” She added that it was a great honour “for us to announce that we have reached an agreement on the Iranian nuclear issue”. Ms Mogherini appeared on stage in Vienna alongside Iranian foreign minister Mohammad Javad Zarif. She said: “We are creating the conditions for building trust. “No-one ever thought it would be easy. ... Despite twists and turns in the talks, hope and determination enabled us to overcome all the difficult moments.”
The nuclear accord reached in Vienna on Tuesday could eventually reshape global oil markets. After almost two years of talks, the holder of the world’s fourth- biggest crude reserves will benefit from an easing of international sanctions on exports in return for curbs on its nuclear program, according to an official involved in the talks. How Much More Oil Can Iran Produce? Iranian Oil Minister Bijan Namdar Zanganeh says the country can increase exports by 500,000 barrels a day as soon as sanctions are lifted, and then an additional 500,000 a day in the following six months. Iran produced an average of 2.8 million barrels a day this year. Goldman Sachs Group Inc. says adding 500,000 barrels a day will take about a year because Iran must first demonstrate its compliance with the terms of the nuclear accord and revive aging wells. Further expansion will need foreign investment, BNP Paribas SA says. The country also has 30 million barrels stored on tankers that it could ship more quickly, according to Bank of America Corp.
World powers have struck a deal with Iran to curb its nuclear programme in exchange for billions of dollars in relief from international sanctions. The deal, which follows 18 days of intense negotiations, is designed to avert the threat of a nuclear-armed Iran and another US military intervention in the Muslim world. The accord will keep Iran from producing enough material for a nuclear weapon for at least 10 years and impose new provisions for inspections of Iranian facilities, including military sites.
An economy bigger than Thailand’s and oil reserves rivaling those of Canada make Iran the most important market still closed to major equity investors, according to investment bank Renaissance Capital. Lifting sanctions could open the Islamic Republic’s stock market to investors in early 2016, Renaissance’s Charles Robertson and Daniel Salter wrote in a report on Monday. Inflows could total $1 billion in the first year, they said.