Oil Up as US Imposes Sanctions on Iran

New U.S. Sanctions Against Iran Go Into Effect

Fresh U.S. sanctions against Iran, labeled by President Donald Trump as the "strongest ever", have taken effect against the country's energy, shipping, shipbuilding, and financial sectors.

The Secretary of State said that the President Donald Trump Administration has targeted as many as 168 Iranian entities through 19 rounds of sanctions since it came into office in 2016, adding that "today's sanctions will accelerate the rapid decline of global economic activity in Iran since the implementation of our strategy in May".

The Iranians took to the streets, chanting "Death to America!". "I don't think that in the history of America, someone has entered the White House who is so against law and worldwide conventions", he added.

Major European allies have opposed the US decision to reject the nuclear deal with Iran.

In September this year, during the Indo-US 2+2 dialogue, the US had told the Indian side that it was not in Washington's interest to damage the Indian economy.

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On the supply-side, oil is in ample availability despite the sanctions against Iran as output from the world's top-three producers, Russian Federation the United States and Saudi Arabia, is rising.

It then announced that eight nations, including Korea, had received waivers and could continue imports of Iranian crude for 180 days on the condition that they significantly reduce the volume of imports from Iran during that period.

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"We have made a decision to issue temporary allotments to a handful countries responsive to the specific circumstances and to ensure a well supplied oil market", Pompeo said. The latest round largely targets oil exports from Iran, OPEC's third-largest crude producer.

More than half, or about 400, will have had their designations lifted as part of the 2015 Joint Comprehensive Plan of Action while roughly 300 will be new designations. The other parties to the deal - Britain, France, Germany, China and Russian Federation - say they will not leave.

The US move restores sanctions lifted under a 2015 nuclear deal negotiated by the administration of President Barack Obama and five other world powers. The first round of sanctions went into force on August 6 and the second round, which targets Iran's oil exports and banks, were announced on November 4.

He said the Iranian economy was struggling because of the government's "negligence of its own people".

India has a similar arrangement whereby Iran can use crude oil to pay for food and other necessities. Right now we have a history last time around of India, Turkey and China continuing to buy even with sanctions.

On Friday, a few days before the sanctions came into effect, the United States granted waivers to eight Iranian oil importers, including Iraq, Turkey, India, China, South Korea and Japan. Most Europeans, as well as Japan and South Korea, have stopped.

Japan said it was pleased to be temporarily spared from possible penalties for importing Iranian oil. However, the US has granted eight temporary waivers to countries that will let them wind down their imports over time.

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