Oil rises as US renew sanctions against Iran

Oil rises as US renew sanctions against Iran

Spot Brent crude oil futures were at $73.88 per barrel at 0241 GMT on Tuesday, up 13 cents, or 0.2 percent, from their last close. These sanctions did not include Iran's oil exports.

"Oil sanctions are next (in November), and in our view, it would be a big mistake to expect waivers in the weeks ahead based on Trump's track record on Iran", he said.

U.S. President Donald Trump tweeted that the sanctions were "the most biting sanctions ever imposed". Starting in July, South Korea is halting Iranian oil imports for the first time since 2012 amid pressure from the United States to discontinue purchases from Iran. "I am asking for WORLD PEACE, nothing less!"

Iran's oil exports dropped by 7 percent to 2.32 million bpd in July-their lowest level in four months-as South Korea and Europe are slashing imports ahead of the return of the US sanctions on Tehran, data from S&P Global Platts showed on Tuesday.

Many European countries, China and India, oppose the sanctions, but the US government said it wants as many countries as possible to stop buying Iranian oil.

Many countries, including US allies in Europe as well as China and India, oppose the sanctions, but the USA government said it wants as many countries as possible to stop buying Iranian oil.

The Iran sanctions have officially been cast.

French bank Societe Generale said that while there was now "comfortable supply in the physical crude markets".

Mr Trump's sanctions follow the withdrawal of the USA from the Iran nuclear deal earlier this year.

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

"The US seems hell-bent on regime change in Iran", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Oil rose on Monday after Saudi crude production unexpectedly fell in July and U.S. drilling appeared to slow, although the price is still nearly 10 percent below its 2018 high of more than $80 a barrel.

Meanwhile, other major producers are ramping up their output.

Output was expected to rise 1.31 million bpd to 10.68 million bpd in 2018, lower than last month's forecast of growth of 1.44 million bpd to 10.79 million, the EIA said. Overnight, the price of oil will move on data on U.S. crude oil and gasoline inventories from the American Petroleum Institute and on Wednesday on data from the U.S. Energy Information Administration.

USA crude stockpiles expected to have dropped last week. This represents around a third of global oil demand.

Much of the northern hemisphere has been gripped by extreme heat this summer, pushing up demand for industrial and residential cooling.

Additionally, there are also reports that many USA shale oil drillers posted disappointing quarterly results in recent weeks, hit by rising operating costs, hedging losses and a drop in crude prices away from 2018 highs reached between May and July.

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