India will deposit payments for crude oil imported from Iran into escrow accounts of five of their banks held with state-run UCO Bank Ltd. after the two nations agreed on a payment mechanism to overcome U.S. sanctions, according to people with knowledge of the matter.
Oil prices will slump to $40 a barrel unless OPEC and its allies cut output significantly, and the group is unlikely to succeed in reviving the market, an Iranian official said.
Oil was showing little sign of recovering from its unprecedented decline as investors flee a market hammered by swelling supplies and a darkening demand outlook.
Oil fell for a 12th day, its longest losing streak on record, after U.S. President Donald Trump criticized Saudi Arabia’s plan to cut output.
The UN's nuclear watchdog has said that Iran is abiding by the deal reached in 2015 with major powers that aimed at preventing Tehran from building atomic weapons in exchange for economic incentives.
Brent crude dropped below $70 per barrel for the first time since April today as waivers took the sting out of Washington's latest sanctions on Iran.
Oil’s set for its longest stretch of declines on record after entering a bear market, with investors awaiting a weekend meeting of OPEC and its allies to discuss output strategy.
Crude’s poised for the longest losing streak since 2014 as concerns of a supply crunch eased on a forecast for rising U.S. production and waivers for eight countries allowing temporary import of Iranian oil.
Armed with waivers to keep importing Iranian oil without running afoul of U.S. sanctions, some of the Islamic Republic’s top customers are preparing to buy.
Oil prices are likely to be “biased to the upside” for the rest of the year as demand from refineries rises in November and December, according to Citigroup Inc.
Oil held near the lowest level in seven months as concerns over a supply crunch eased after the U.S. granted waivers to eight governments to continue buying some Iranian crude.
Iraq aims to supply China with about 60 percent more crude next year, as OPEC’s second-biggest supplier double downs on its main market in Asia, according to the head of the state-run Oil Marketing Co.
Britain will continue to expand trade relations with Iran despite Donald Trump's decision to re-impose sanctions on the state, Downing Street has said.
Oil extended its decline to a sixth day as the U.S. defended the temporary waivers given to eight nations to keep buying Iranian crude after American sanctions against the OPEC producer snapped back on Monday.
Iran has greeted the re-imposition of US sanctions with air defence drills and an acknowledgement from President Hassan Rouhani that the nation faces a "war situation".
Oil firm Serica Energy took another step towards completing a series of UK North Sea acquisitions today.
Oil sceptics have been proved right in downplaying sanctions against Iran.
The Trump administration has announced the reimposition of all US sanctions on Iran that had been lifted under the 2015 nuclear deal.
The U.S. has agreed to let eight countries -- including Japan, India and South Korea -- keep buying Iranian oil after it reimposes sanctions on the OPEC producer on Nov. 5, a senior administration official said.
Malaysian oil firm Hibiscus Petroleum has completed the acquisition of stakes in two UK North Sea discoveries for £28.5 million.
Serica Energy is closing in on two acquisitions after the US granted a waiver removing production obstacles on a UK North Sea field.
Serica Energy said today that the US had granted a conditional licence removing restrictions on production from a UK North Sea field.
President Donald Trump’s attempt to wield U.S. economic strength as a weapon against foreign adversaries is being tested as the Treasury Department struggles to contain the fallout from its sanctions against the world’s second-largest aluminum producer.
Oil traded near the highest level in almost four years as investors grapple with doubts over OPEC’s ability to replace falling exports from Iran.
A proposed plan by the European Union, Russia and China to sidestep U.S. sanctions on Iran by using an alternative payment system won’t give its oil buyers a free pass to handle Iranian crude.