US Pushing The World Towards The "Third World War" Over Iran Policy

10 August, 2018, 14:44 | Author: Sally Reid
  • A man pumps gas into his car at a gas station in Caracas

Spot Brent crude oil futures were at $73.42 per barrel at 0653 GMT on Monday, up 21 cents, or 0.3 percent, from their last close.

"There is room for [prices in] the crude market to soften a bit more", says John Woods of JJ Woods Associates, adding that inventories could rise further as refineries head toward maintenance season after the summer driving season.

French bank Societe Generale said there was now a "comfortable supply" in physical crude markets, but noted "Iran sanctions will take another one million bpd off the markets". It shipped out nearly 3 million barrels per day of crude in September, equivalent to about 3% of global demand. Iranian oil exports are under a cloud because of renewed sanctions as part of the Trump administration's withdrawal from the worldwide agreement aimed at curbing Iran's nuclear programme.

The Asian country buys roughly 11% of Iranian crude exports, and because of the threat of secondary sanctions, it's reportedly looking for alternative supplies.

Crude has hovered within a $3 range so far this month, with a measure of oil-market volatility falling to the lowest level since May. This threatens supply. On Wednesday, China said it will impose tariffs of 25 percent on a further $16 billion in US imports.

Oil prices slid nearly 4 percent on Wednesday as a trade dispute between the United States and China escalated further and after Chinese import data showed a slowdown in energy demand. There is the concern of global trade slowing down, but there's also a lot of geopolitical noise out there as well.

Markets also anticipated an announcement from Washington later on Monday on renewed US sanctions against major oil exporter Iran.

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Summer signing Fabinho , who converted all 16 penalties he took for Monaco in Ligue 1, dragged the spot-kick wide. Salah's driving run across the box teed the striker up for a shot which found the top corner via a deflection.

The renewed sanctions will not directly target Iranian oil until November, although U.S. President Donald Trump has said he wants as many countries as possible to cut their imports of Iranian crude to zero.

Oil from American fields was among goods the Chinese had designated as subject to eventual tariffs on a list in June.

Last week, a news report said Chinese officials has rejected USA requests to cut imports of Iranian oil but added that China's imports might not rise further than current levels.

USA sanctions on Iran's energy sector are set to be re-imposed after a 180-day "wind-down period" ending on November 4.

Official U.S. fuel storage data is due later on Wednesday from the Energy Information Administration. Analysts polled by Reuters had forecast a 1.7 million-barrel draw in gasoline stocks USOILG=ECI.

Analysts have predicted the sanctions could put more than two million barrels per day at risk.

The oil shipments into the world's biggest importer of crude came in at 36.02 million tons last month, or almost 8.48 million barrels per day, higher from 8.18 million barrels per day a year ago, and just over June's 8.36 million barrels per day, according to the data from the General Administration of Customs. Meanwhile, the United States said Tuesday it will begin imposing tariffs on an additional $16 billion in Chinese imports in two weeks.

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