The early-November deadline set by the US to sanction Iran’s oil exports is now a warning sign that’s too close for buyers to neglect. JXTG Holdings, Japan’s biggest refiner
The US expects full compliance from other nations with its sanctions against Iran but is prepared to work with them on a “case-by-case basis” to bring down their imports, said a top diplomat.
Iran is selling oil and gas at a discount to Asian customers as it prepares for the return of US sanctions, state news agency IRNA reported on Monday.
Oil prices rose on Tuesday with revived U.S. sanctions against major crude exporter Iran expected to tighten global supply. Brent crude oil futures were up 50 cents to $74.25 per barrel at 0928 GMT and U.S. West Texas Intermediate (WTI) crude futures were up 29 cents at $69.30 a barrel.
Oil prices rose on Tuesday ahead of the introduction of US sanctions against major crude exporter Iran. 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.
Trump tariff fallout: India becomes steel dumping ground; imports from China jump 67%, Japan 47% and Korea 35%
India seems to have turned a favourite dumping ground for steel makers from not just China but also Japan and South Korea, which are diverting supplies from the US and the European Union in massive volumes to beat the impact of a global tariff war initiated by the Trump administration.
The US’ export to India in both goods and services has increased this year, resulting in a substantial drop in trade deficit as compared with the last year, according to the latest official figures.
In its attempt to avoid a tariff war with the US, India plans to put off implementation of retaliatory import duties of $241 million against 29 products from the US by another month-and-a-half.
Mint, citing people familiar with the development, reported that the United States on Friday failed to address specific issues raised by India, and five other countries, in separate trade disputes at the World Trade Organization against President Donald Trump’s unilateral measures to impose additional duty on imports of steel and aluminum.
The US embargo on Iran oil shipments has put Prime Minister Narendra Modi in a quandary. If he plays along, India could find itself on the right side of President Donald Trump on trade but lose cheap supplies and precious foreign exchange.