Renewed U.S sanctions against Iran to begin today: oil prices rise further.

News Image

By MG News | August 07, 2018 at 10:52 AM GMT+05:00

0:00

Oil prices climbed further on Tuesday, August 7th 2018 ahead of renewed US sanctions against Iran, that are to be implemented starting today. Iran had been shipping out around 3 million barrel per day (bpd) of crude during the past month.

Spot Brent crude oil futures were at $73.88 per barrel at 0241 GMT on Tuesday, up 13 cents, or 0.2 percent, from their last close.

U.S West Texas Intermediate (WTI) crude futures were up 1 cent at $69.02 barrel.

U.S is adamant on getting as many countries to stop buying Iranian oil, as possible. A senior U.S administration official said on Monday, “It is our policy to get as many countries to zero as quickly as possible. We are going to work with individual countries on a case-by-case basis, but our goal is to reduce the amount of revenue and hard currency going into Iran.”

While on one hand U.S is determined to reduce Iran’s revenue, many countries including China, India and U.S allies in Europe oppose the new sanctions.

French ban Societe Generale warned that although there is a comfortable supply in the physical crude market, Iran sanctions will limit their capacity to deal with unforeseen supply disruptions.

Furthermore, analysts cautioned that a global heat wave could also bring about an increase in oil demand. Evidently, the northern hemisphere experienced very hot summers this time round which pushed up demand for industrial and residential cooling and by extension, demand for power fuels.

 

Related News

Name Price/Vol %Chg/NChg
KSE100 133,160.53
143.74M
0.44%
583.54
ALLSHR 83,302.90
493.15M
0.38%
319.23
KSE30 40,467.43
22.41M
0.27%
108.64
KMI30 191,207.58
28.48M
0.25%
480.26
KMIALLSHR 55,852.37
246.66M
0.28%
153.90
BKTi 36,579.35
8.38M
0.93%
337.29
OGTi 28,177.84
2.81M
-0.51%
-145.58
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 111,815.00 112,170.00
111,395.00
-430.00
-0.38%
BRENT CRUDE 70.11 70.42
69.91
-0.08
-0.11%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.45
1.51%
ROTTERDAM COAL MONTHLY 108.00 109.00
107.95
0.90
0.84%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.22 68.57
68.04
-0.16
-0.23%
SUGAR #11 WORLD 16.54 16.61
16.08
0.41
2.54%

Chart of the Day


Latest News
July 10, 2025 at 11:09 AM GMT+05:00

Bitcoin soars to record above $112k, bulls now eye $150k


July 10, 2025 at 11:09 AM GMT+05:00

Pakistan invites Turkish firms to expand investment


July 10, 2025 at 11:09 AM GMT+05:00

Dollar slips, real plunges as Trump tariffs rattle Brazil


July 10, 2025 at 10:29 AM GMT+05:00

Trump plans steep 50% Tariff on Brazilian imports



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg