Oil prices fall as U.S. grants Iran sanction waivers to eight importers

Roman Schwartz
November 5, 2018

Speaking in a meeting with the deputies and managers of the Ministry of Economic Affairs and Finance on Monday, Iranian President Hassan Rouhani said while in NY for the UN General Assembly session, leaders of four major countries approached him to offer to mediate on his meeting with US President Donald Trump.

On Friday, Trump said in a statement that the US remains open to reaching a "new, more comprehensive deal" with Iran that blocks its nuclear-weapons program, saying Tehran faces a choice between "its destructive behavior" or "economic disaster".

Trump said the deal was weak and favoured Iran.

Iran's Guardian Council on Sunday rejected an anti-terror financing bill that Rouhani had lobbied strongly for, sending it back to parliament.

Mr Rouhani said: "Today, Iran is able to sell its oil and it will sell".

However, US leader Donald Trump's personal lawyer Rudy Giuliani and John Bolton, the president's national security adviser, have both made public statements supporting the overthrowing of Iran's theocratic government.

"Unlike in prior administrations, we will ensure that the money is not spent on illicit activities, that there isn't any leakage in these escrow accounts, and we will work closely with countries to encourage the sale and purchase of humanitarian goods to benefit the Iranian people".

Mr Pompeo said more than 100 big worldwide companies had withdrawn from Iran because of the looming sanctions.

Second, although Saudi Arabia has said it will increase capacity by more than a million barrels...

"America has launched an economic and psychological war as a last resort". He would not rule out the Trump administration extending the waivers beyond six months.

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FILE- In this September 21, 2018, file photo customers look at new Apple watches including the Series 4 at an Apple store in NY . The X continues to sell well enough that Apple moved roughly the same number of iPhones and made almost 30 percent more.

"Even if the United States grants exemptions, Washington will demand that the volume imported from Iran be significantly reduced", said UBS analyst Giovanni Staunovo, who expects prices to rise.

Iran remained defiant Monday as the re-imposition of sanctions took hold in the Islamic Republic.

Washington is re-imposing the sanctions after Mr Trump in May pulled out of a 2015 accord aimed at curbing Iran's nuclear ambitions.

Rouhani, meanwhile, pledged to government officials in comments aired on state TV that Iran would overcome the sanctions. "We are prepared to resist any pressure", Rouhani said.

"SWIFT (will) be subject to USA sanctions if it provides financial messaging services to certain designated Iranian financial institutions".

They blamed Israel for the attack and said it targeted Iran's communications infrastructure, without elaborating.

They are reported to include USA allies Italy, India, Japan and South Korea, along with Turkey, China and India.

The US will unleash its "toughest ever" sanctions against Iran on Monday following a wave of protests across the oil-rich country.

The other parties to the nuclear deal - Britain, France, Germany, China and Russian Federation - opposed the U.S. move and say the accord is working as intended in keeping Iran from obtaining nuclear weapons for now.

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