Published: Sat, May 12, 2018
Economy | By Shawn Conner

PM and Donald Trump discuss impact of United States sanctions on Iran

PM and Donald Trump discuss impact of United States sanctions on Iran

Reacting to Trump's announcement, President Hassan Rouhani said that Iran would remain committed to the multinational nuclear deal.

"I call on the European Union, in particular France, the United Kingdom and Germany to take a firm stance to secure Iran's interests within the framework of the concluded agreement", the Iranian president's office quoted him as saying in a statement. Some traders, however, are becoming cautious about ever higher oil prices.

U.S. West Texas Intermediate (WTI) crude futures were down 7 cents at $71.29 a barrel, still not far off Thursday's November 2014 high of $71.89 per barrel. The country, the 3rd-biggest producer of crude within the Organisation of the Petroleum Exporting Countries, exported about 2.6 million barrels per day (bpd) in April.

The new sanctions against Iran will allow for certain exemptions and waivers to be negotiated, but Mnuchin wouldn't discuss what products or countries might qualify for waivers.

To pressure allies, the US intends to apply "secondary sanctions" on non-American firms that do business with Iran.

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Trump announced his intent on Tuesday to quit the Iran nuclear deal and reimpose sanctions on the country.

Oil prices on Friday held multi-year highs reached the previous session as looming USA sanctions against major oil producer and OPEC-member Iran threatened to tip an already tight market into undersupply.

"The average family out there can expect to pay about $200 more than they paid last driving season and about $250 more than the 2016 driving season", says Kloza.

Speaking with NPR, Peek said the United States would be "pushing and asking and cajoling" these countries to disinvest from Iran and would "wind down" sanctions waivers.

"While there are other imponderables like Saudi Arabia trying to increase crude output along with major OPEC (Organisation of Petroleum Exporting Countries) producers and the USA allies like France not being on board, the global economy does face bouts of uncertainty and volatility".

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"There is at least a narrative building out there that OPEC is more likely than not going to signal to the market that it is willing to increase production to compensate for any losses to world supply from these sanctions", said Bart Melek, head of global commodity strategy at TD Securities in Toronto.

Though as much as 1 million barrels per day could be limited with the USA pullout of the Iranian deal, there could be some wiggle room, analysis found.

Under the financial sanctions, European companies will have 90 to 180 days to wind down their operations in Iran, or they will run afoul of the American banking system.

In the past, Trump has sometimes said that the Europeans cared only about making money in Iran.

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