The US said on Monday that it won’t extend the sanctions waivers for eight countries importing crude oil from Iran. The move could remove around 1.1 million barrels per day from the market.
Oil extended gains after leaping to a six-month high on Monday as the U.S. said it’ll no longer give any buyer of Iranian crude a waiver from sanctions aimed at cutting the OPEC producer’s exports to zero.
The Trump administration said it won’t renew waivers that let countries buy Iranian oil without facing U.S. sanctions, a move that roiled energy markets and risks upsetting major importers such as China and India.
Six months after the U.S. rocked oil markets by letting Iranian exports continue, its decision to end sanctions waivers that allowed shipments is also set to reverberate across the globe.
Uncertainty over U.S. waivers for buyers of Iranian oil is starting to grip the market again, under very different circumstances than when American sanctions were set to go into effect last year.
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.
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.
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.
Serica Energy is closing in on two acquisitions after the US granted a waiver removing production obstacles on 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.
President Donald Trump has lashed out at Iran, with national security adviser John Bolton also warning there would be "hell to pay" if Tehran crossed the US.
Aggressive and undiplomatic, certainly, but also extremely effective. With nearly 50 days to go before new U.S. oil sanctions against Iran enter into force, President Donald Trump has already managed to crush the country’s petroleum exports, dealing severe economic damage to Tehran.
China’s shipowners are shunning Iran’s oil, while the OPEC producer is using its own tankers to supply top customers as impending U.S. sanctions threaten to disrupt global crude trade.