Iran’s looming sanctions pushes Oil price toward $85

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Iran’s looming sanctions pushes Oil price toward $85 – Brent crude oil prices hit their highest level since November 2014 on Monday ahead of U.S. sanctions against Iran that kick in next month.

Brent sweet crude oil futures rose to as much as 83.27 dollars a barrel.

U.S. West Texas Intermediate (WTI) crude futures were at 73.57 dollars a barrel.

Brent was pushed up by the looming sanctions against Iran, which will start targeting its oil sector from Nov. 4.

ANZ bank said on Monday that “the market is eyeing oil prices at 100 dollars per barrel’’.

There had been expectations China would ignore U.S. sanctions.

However, China’s Sinopec is halving loadings of crude oil from Iran this month, in a sign that pressure from Washington is having an effect.

U.S. President Donald Trump called Saudi Arabia’s King Salman on Saturday, discussing ways to maintain sufficient supply once Iran’s exports are hit by sanctions.

With oil prices soaring, there are concerns over their inflationary effect on demand growth, especially in Asia’s emerging markets where weakening currencies are further adding to high fuel import costs.

In Japan, business confidence among big manufacturers worsened in the last quarter to hit its lowest level in nearly a year, as firms felt the pinch from rising raw material costs.

Global trade conditions seemed worsened. (Reuters/NAN)

About Haruna Magaji 2469 Articles
Haruna Magaji is a journalist, foreign policy expert and closet musician. He is a graduate of ABU Zaria and a member of the Nigerian union of journalists. JSA, as he is fondly called, resides in Suleja, Abuja. email him at - [email protected]

1 Comment

  1. The likely reason is not connect with any sanction from any body,iran produces oil so do Syria.syria export oil and is not a member of OPEC,the likely reason now is that,there maybe a new demand from new emerging economy e.g india economy and purchasing power is greater than Britain even Germany.
    The European union have not imposed any sanction on iran,only the American said they will imposes some sanction,but they have not start,have you gone soft on your brain

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