Really scaring

WASH­ING­TON—The U.S. ex­pects all coun­tries to cut oil im­ports from Iran to “zero” by Nov. 4 or risk sanc­tions, a se­nior U.S. State De­part­ment of­fi­cial said on Tues­day, ex­press­ing a tough­en­ing of the Trump ad­min­is­tra­tion’s Iran pol­icy as Wash­ing­ton tries to po­lit­i­cally and eco­nom­i­cally iso­late Tehran.

Oil above $75/bbl for long

Oil price trends have shifted since the start of April, with figures set on a range of $70–75, compared with a previous figure of around $67 on average, i.e. higher than figures seen since late 2014. This reflected the impact of demand driven by world growth.

The chart below shows that trend altered after April 6, when the White House implemented sanctions against Russia, with subsequent threats on Iran merely serving to amplify this trend. This morning after Donald Trump’s decision on Iran it is above 75 as shown on the graph. Continue reading