- Iranians holding Ashura mourning for Imam Hussein
- Third step: Iran officially informs EU of plan to expand nuclear R&D
- Iran expands nuclear R&D program: Rouhani
- Iran goes ahead in space tech, despite US sanctions: ISA
- Resistance Front undermining Israeli regime power: Top commander
- Iran: 7 crew members of detained UK ship freed
- US addiction to sanction threaten its power: Iran’s Zarif
- Dutch role in 2007 Stuxnet attack on Iran’s nuclear site under scrutiny: Iraian FM Spox.
- Iran: ‘Sustainable Security 2019’ kicks off in Caspian Sea
- Iran’s Zarif leaves Tehran for Moscow
- Shiraz University ranked 1st in liver transplantation: Iranian health official
- Japan’s Abe to meet Iran’s president to discuss easing tension in region
- Downing of US spy drone shattered war threats against Iran: Top IRGC commander
- IAEO head reports development of first ion-therapy hospital in west of Asia
- Iranian Taekwondo team wins 2019 World Cup championship
- US sanctions failed to force Iran to buckle: Report
- Crew fixing Iran oil tanker broken down in Red Sea
- As Iranians hold nerves, US seeks to scare off trade
- Leader expresses concern about Kashmir, urges India to follow fair policy toward Muslim-majority region
- Iran saffron exports down due to smuggling, government restrictions: Exporter
- Iran FM warns US against ‘serious miscalculation’ in Persian Gulf
- Iran’s resistance policy led to release of oil tanker: MP
- Iran in reverse brain drain as top students come home in rising numbers
- Iran official calls for compensation for tanker seizure
- Iran hails N Korea for standing against ‘unilateral’ US demands
- Shia Muslims celebrate Eid Al-Ghadir
- North Korea praises Iran’s anti-US struggle
- Zarif says to meet French president Friday
- Iranian court hearing case of UK oil tanker
- Over half of Japanese voters oppose joining US-led anti-Iran coalition in Persian Gulf: Poll
- IME trade ups by 21 percent in July
- Finland backs INSTEX in defiance of US
- US anti-Iran policy in high seas harms Europeans: LA Times
- Iran, China confer on Syria
- Iran, Finland share views on Persian Gulf dialogue forum: Zarif
- Iran warns US against seizure of oil tanker
- Iraq eager to benefit from Iranian Police’s experience
- Iran planning 3rd step to reduce nuclear commitments: Spokesman
- Leader grants clemency to over 1,000 Iranian inmates
- Registration for Arbaeen Pilgrimage to begin in Iran on Friday
- Iran, Iraq agree to reopen Khosravi border crossing
- Iran deplores suicide attack at Kabul wedding hall
- Iran to hold int'l hand-woven carpets expo
- Zarif meets with Iran-Kuwait Friendship Group members
- Adrian Darya oil tanker not under any sanctions, says Iran envoy
- ‘Iran to stay in nuclear deal as long as its interests are met’
- India envoy happy with positive trend of trade with Iran
- Iran’s annual export of white meat tops 2.5m tons: Minister
- Iranian scientist discovers new state of matter
- Iran, Japan diplomats discuss bilateral ties
- Iran, Ansarullah, European representatives Yemen developments
- ‘Iran to become self-sufficient in producing aircraft engines'
- US issues seizure warrant for Iranian supertanker 'Grace 1'
- Neanderthal tooth unearthed near Iran’s Zagros mountain
- Iran’s Zarif due in Kuwait on Saturday
- US faces humiliating defeat after Gibraltar releases Iranian tanker: Envoy
- Spokesman rejects claim on Iran’s commitment in exchange for tanker release
- Zarif reacts to release of Iranian tanker in Gibraltar
- Israel, UAE engaged in secret talks on Iran arranged by US: Report
- US threatens visa ban as Iranian-operated tanker sets to sail from Gibraltar
- Enemies must factor Iran's global power in their calculations: IRGC's chief commander
- Trump’s administration conflicting messages to Iran baffle go-betweens: Report
- Gibraltar releases Iran-operated tanker despite US pressure
TEHRAN, July 04 - Looming sanctions on Iran coupled with reports of tightening US fuel inventories continue to drive oil prices higher, with Brent crude futures trading over $78.10 per barrel on Wednesday.
TEHRAN, Young Journalists Club (YJC) - The US sanctions on Iranian oil and transactions with the central bank of Iran are about to come into effect on November 6, threatening to cut supplies to an already tight market.
US President Donald Trump has tried to soothe the market by saying that the Saudi king had agreed to increase oil production by up to 2 million barrels per day (bpd) to moderate high prices.
The kingdom is under the US pressure to ramp up oil production quickly to make up for loss of Iranian barrels which the Trump administration has threatened to bring down to zero.
Trump wants to make sure that higher gasoline prices as a result of his Iran decision would not hurt Republicans at the upcoming polls.
Trump has sought to blame surging oil prices on OPEC, but it was his decision to leave the 2015 landmark nuclear deal with Iran and reimpose sanctions on the country that has caused oil prices to rise to record highs since late 2014.
On Wednesday, US West Texas Intermediate (WTI) crude futures rose 46 cents, or 0.6%, to $74.60 a barrel compared with their last settlement, Reuters reported. On Tuesday, WTI hit its highest since November 2014 at $75.27.
Brent crude futures were changing hands at $78.10 per barrel, up 34 cents, or 0.4%, from their last close, the news agency said.
The rise came as the American Petroleum Institute (API) said US crude inventories had fallen by 4.5 million barrels to 416.9 million barrels in the week to June 29.
The US government has demanded that all countries stop buying Iran’s oil from November. China, however, made it clear that it has no plans to submit to the demand.
China is Iran’s biggest oil client, which imported more than 700,000 bpd from OPEC's third producer in April.
“China is always opposed to unilateral sanctions and long-arm jurisdiction,” Foreign Ministry spokesman Lu Kang told reporters when asked if China would cooperate with the US.
Lu called China and Iran “friendly countries,” saying they “maintain normal exchanges and cooperation within the framework conforming to our respective obligations under the international law."
"This is beyond reproach," he said.
Meanwhile, oil market experts have dismissed an abrupt increase in the Saudi oil production.
“You cannot order 2 million barrels like ordering a coffee somewhere,” CNBC quoted Beat Wittmann, a partner at financial consultancy Porta Advisors, as saying Monday.
With Trump’s brinksmanship on the rise, PVM Oil Associates strategist Tamas Varga said, “We are entering the second half of the year with a huge amount of uncertainty surrounding the supply side of the equation.”
“Depending on your belief you could just as easily bet on $100 as $60 by the end of the year,” he said in a research note published Monday.
Source: Presstv
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