Iran receives more airplanes ahead of renewed US sanctions

Iran receives more airplanes ahead of renewed US sanctions

Iran receives more airplanes ahead of renewed US sanctions

While the Trump administration has said it wants to cut Iranian oil exports to zero by November 4, most analysts viewed that target as unlikely.

On August 7, Washington will reimpose sanctions on Iran's purchase of United States dollars, its trade in gold and precious metals and its dealings with metals, coal and industrial-related software.

President Donald Trump of the United States of America had also informed that he is willing to meet with Rouhani over Tehran's oil ban without preconditions.

US sanctions targeting Iranian trade in automobiles, gold and other key metals will be re-imposed on Monday, while sanctions targeting the country's energy and banking sector will resume November 4.

Ahead of the return of the US sanctions on Iran, India's state refiners boosted their Iranian oil purchases, pushing up Indian oil imports from Iran by 30 percent from June, to a record 768,000 bpd in July, Reuters reported on Thursday, citing preliminary tanker arrival data it had obtained from trade sources.

Last month, Iran's Supreme Leader Ayatollah Ali Khamenei backed President Hassan Rouhani's suggestion that Iran may block Gulf oil exports if its own exports are stopped.

An intensifying trade war between the U.S. and China is scaring hedge funds away from an increasingly volatile oil market.

Francis Fannon, US assistant secretary of state for the bureau of energy resources, was recently in China to discuss sanctions, Bloomberg said, citing a US government official.

In return, United Nations-approved sanctions were lifted, and Iran was allowed to resume trading oil and gas on the worldwide market.

Washington imposed a series of additional sanctions on Iranian entities and individuals, as well as foreign companies in Iran, squeezing Iran economically.

As part of the withdrawal, the US will on Monday begin to sanction Iranian transactions with USA dollar banknotes; trade in gold and precious metals; direct or indirect sales of graphite, raw or semi-finished metals; and Iran's automotive sector.

The U.S., which withdrew from the nuclear deal in May, will re-impose some sanctions on Iran starting Monday.

Meanwhile, a refusal by China to cut Iranian oil purchases would deal a blow to Mr Trump's efforts to isolate the Islamic Republic after his withdrawal from the 2015 nuclear accord. USA officials last week said Iran carried out a similar exercise, though Tehran did not immediately acknowledge it.

U.S. crude exports have been seesawing over the past month, falling 51 per cent last week after an 84 per cent increase the week earlier, according to the latest Energy Information Administration Data.

Other oil producing countries, led by Saudi Arabia, have vowed to increase production to cover the loss of Iranian oil.

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