U.S. President Donald Trump has decided to deal a deathblow to Iran and to end Iran sanction waivers. The Trump administration introduced new sanctions on Iran’s oil six months ago but allowed its eight biggest customers – China, Turkey, India, South Korea, Japan, Greece, Italy and Taiwan – to keep importing limited amounts. Waivers that have allowed these countries to continue to buy Iranian oil despite the U.S. sanctions expired this week. Ending the oil exemptions in question, Trump is aiming to bring Iran’s oil exports down to zero. Oil prices crashed midweek following news that U.S. crude oil inventories spiked, offering evidence that the oil market is not as tight as expected. However, oil prices went up to nearly six-month highs last week, and the drop in oil prices is unsustainable, and probably a surge in prices will follow, according to experts. In the first quarter of 2019, oil prices jumped about 30 percent this year, which is the strongest first quarter seen for decades. The oil market was estimated to shrink between 26 to 31 percent by the experts, even before Trump’s announcement regarding the U.S. sanction waivers. After this week, the slump in the oil sector is… Read full this story
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