US to end Iran oil waivers

Trump has decided to eliminate all waivers issued to eight economies allowing them to buy Iranian oil without facing U.S. sanctions, the White House said.

Here’s my go at explaining all the fuss over today’s U.S. decision to end Iranian oil waivers. The exemptions had let countries buy the Islamic Republic’s crude without facing American sanctions, and the White House’s move has since roiled markets. Everyone from the Saudi Crown Prince to the Chinese and Indian governments, as well as South Korean refiners are involved. It’s an issue that could affect how much you shell out for gas the next time you’re at the pump, especially after Iran threatened to retaliate by closing a major waterway for global oil supply. Is this a sign that markets from Tokyo to New York will continue being roiled by the Trump administration’s policies? Remember to follow Bloomberg on LinkedIn. #commodity #markets #bloomberg #oil #governments #trumpadministration #iran #crude #opec #brent #wti #gasoline #whitehouse https://lnkd.in/fs-xD-y

The Trump administration will sharply accelerate its goal of driving Iran's oil exports to zero, ending sanctions exemptions that it previously granted to some of the Islamic Republic's biggest customers.

#Geopolitics: as the #markets continue their rally; keep a close eye on points of potential weakness. WTI #Crude #Oil is up 2.5% today (despite #Saudi and #UAE promising to make up for the supply shortfall). This action comes less than a week after the #IRGC was added to the list of #terrorist organizations. It is the first time in history that the US declares a sovereign #military entity as a terrorist entity. Legal and potential “operational” ramifications are difficult to predict in a region where #stability is precarious and a variety of military forces (US, #Russia, #Turkey, #Iran, ...) often operate in a very close proximity. Any spark in a flammable environment can result in unforeseen results. #history #syria #war #crisis #middleeast #internationalpolicy

Oil price spiked today during trading hours in the Asian markets. Both Brent crude and WTI surged by more than 2.5% to trade above $74/bbl and $65/bbl respectively. The main driver for the upward trend is report that US will announce an end to waivers for countries that import Iranian oil, which was previously given to 8 countries importing Iranian oil when US implemented new sanction on Iran late 2018. Putting pressure on Iran has a cost and that is higher oil prices due to lower oil exports from Iran. US seems ready to pay that price, or there might be a way to avoid it. Time will tell, but for now, oil is expected to go a bit higher. #oilprice #oilmarket #wti #brent