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 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