Iran sanction fears see oil prices bounce back

The global benchmark has lost more than $10 a barrel since hitting a high of $86.74 on October 3.

Brent for December settlement rose 54 cents to $77.43 on the London-based ICE Futures Europe exchange.

U.S. President Donald Trump withdrew Washington from the Iranian worldwide nuclear agreement in May and vowed to re-impose sanctions on Iran's financial, automotive, aviation and metal sectors.

There have been concerns about an economic slowdown worldwide partly because of trade disputes between the USA and China, the world's two largest economies.

The resumption of sanctions on Iran adds uncertainty to crude oil prices, according to the U.S. Energy Information Administration (EIA) on Wednesday. West Texas Intermediate, the US benchmark, traded at $66.77 per barrel, or 0.7 percent lower. I think US and Saudi due to mutual interest are interested to manage any tension with aimed of decreasing Iran's role in world oil market.

EIA said these ups and downs reflect the recent upward price movement and the possibility that crude oil prices could remain elevated while market participants assess the effects of the sanctions.

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West Texas Intermediate settled up 51 cents to $67.33, while Brent rose 77 cents to $76.94 - the latter number nearly $10 less than the high it achieved on October 3.

United States crude CLc1 was down 60 cents, or 0.9 per cent, at $66.73. These concerns were raised over US sanctions on Iran going into effect by November 5.

A global collapse in equities has roiled oil markets. He attended Daley College in Chicago before beginning his career on the trading floor of the Chicago Mercantile Exchange which eventually led him and his team to The PRICE Futures Group. Signs are mounting that shale won't keep growing at the same rate in the U.S. Drillers face pipeline bottlenecks moving crude out of West Texas. While the US hardline approach to Iran could lead to a rise in oil prices now, down the line the trade policies could erode oil demand and lead to future price drops.

Washington has said it wants to reduce Iranian oil sales to zero, although this looks unlikely.

"Sustainable and stable supply of the crude needed by customers is a feature of Iran and no country has the capacity to replace Iran's crude in the high-demanding global oil market", Zanganeh said on Tuesday, stressing that "Inflammation of the global oil market will continue until oil sanctions against Iran will be removed".

(Copyright © 2015. All Rights Reserved.)
 
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