Published: Sat, May 12, 2018
Money | By Michele Stevens

European Union guarantees may help preserve Iranian nuclear deal - Rouhani

European Union guarantees may help preserve Iranian nuclear deal - Rouhani

Countries having financial dealings with Iran are expected to be hit by the comprehensive sanctions regime announced by the Trump administration after withdrawal from the nuclear deal.

Britain has informed the United States that they remain firmly committed along with their European partners to maintain the Iran Nuclear Deal.

"My expectation is not that oil prices go higher", he said.

On the strength of the anticipated United States sanctions against Iran, Brent crude oil futures went up to $74.87 per barrel unchanged from their last close, while the U.S. West Texas Intermediate, WTI, crude futures up 4 cents, at $69.76 per barrel. That's about 1 million barrels a day more than in early 2016.

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That idea has always been supported by Democrats but is a non-starter for drugmakers and most Republicans in Congress. Some of the actions the department plans are expected to have near-immediate force, while others will take more work.

Trump vowed on Tuesday to impose "powerful" sanctions on the OPEC nation, which has the fourth largest crude oil reserves in the world.

Though Iran is the third largest oil supplier to India, a top official of Indian Oil said the U.S. sanctions would not impact India's oil purchases from Iran as the country pays in euros. Weekly US crude oil production C-OUT-T-EIA; hit another record last week, climbing to 10.7 million barrels per day (bpd).

He said Iran's right to peaceful use of nuclear energy should be respected along with global community's strong interest in the exclusively peaceful nature of Iran's nuclear program.

The first deadline, on 6 August, will affect the purchase of USA dollars, trade in gold and certain other metals, as well as aviation and the vehicle industry.

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While some well-received earnings updates also provided support, shares in companies with exposure to Iran fell, with plane maker Airbus and auto makers Renault (RENA.PA) and PSA (PEUP.PA) all trading down more than 1 percent. And there is no guarantee that Iran's major customers will comply with new sanctions.

If successful, sanctions would slash exports from one of the top suppliers in the Organization of the Petroleum Exporting Countries (OPEC) and likely raise prices for crude globally by forcing buyers to compete for alternative supplies.

The key for the energy market will be whether Trump takes aggressive action to prevent Iran from shipping oil overseas.

The increased demand helps to overcome the over-crowding that has been pursuing the markets.

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The move is coming at a time when preparations are into gear for the friendly match between Nigeria's Super Eagles and the DR. Similar measures helped Africa's most populous country contain the virus during the West African epidemic that began in 2013.

France and Germany are among European Union countries that had drawn up euro-denominated Iran export finance programs to resist U.S. sanctions.

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