Oil market cautious as U.S. punitive sanctions on Iran become effective

Jeannie Matthews
November 7, 2018

CBS News added, "The Iranian regime will still be able to import humanitarian goods and other goods and services from the countries that are continuing to import their oil and have been given the exemption from the US".

The president added, "Some think that we negotiated and came to conclusion in nuclear talks which was as a great success, but the USA ruined this success".

South Korea was granted a waiver that will temporarily allow it to continue importing Iranian oil after the US reinstated all sanctions on Iran on Monday, according to the US State Department.

The curbs come as the United States is focused on USA congressional and gubernatorial elections on Tuesday.

Washington has agreed to let eight countries keep buying Iranian oil. The list will be announced on Monday.

The remaining members believe the agreement is working as intended and is keeping Iran from obtaining nuclear weapons for now.

They aim to significantly reduce Iran's oil exports - which have already fallen by around one million barrels a day since May - and cut it off from worldwide finance. Years later, the administration of Donald Trump echoed the same rationale.

Countries that continue to import Iranian oil and do not have a U.S. waiver risk USA sanctions forbidding Americans from doing business with their companies and cutting off access to the United States financial system. The head of Iran's powerful Revolutionary Guard warned America that it would threaten Iran at its own peril.

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Hours earlier, Trump called the sanctions the toughest ever imposed by the United States against Iran. Many elected american conservatives are asking for it.

The US stance has already inflicted serious pain on Iranians, with the country's currency, the rial, losing more than two thirds of its value since May.

The european Union has adopted a mechanism to allow its multinational corporations to maintain themselves in Iran, but everything indicates that these sanctions will have a deterrent effect.

Iran is already facing an economic crisis. We have this success from political view... today all countries in the world, except a few number of countries, are against the USA and stand beside Iran.

Oil prices rose as the sanctions went into effect, with global benchmark Brent crude up by more than $1 to a session high of $73.92 a barrel.

"Enquiries for cargoes from Iran are. coming in from several Asian buyers", said one merchant trader, who declined to be named because he was not authorized to talk about his firm's commercial activity. I could get the Iran oil down to zero immediately but it would cause a shock to the market. Japan and South Korea have nearly reduced to zero imports.

The Secretary of State said that the President Donald Trump Administration has targeted as many as 168 Iranian entities through 19 rounds of sanctions since it came into office in 2016, adding that "today's sanctions will accelerate the rapid decline of worldwide economic activity in Iran since the implementation of our strategy in May".

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