Economy

Oil continues to climb, WTI over $71 on Iran concerns

Oil continues to climb, WTI over $71 on Iran concerns”

Rouhani affirmed Iran's commitment to curb its nuclear ambitions in the coming years on the basis that Britain, China, France, Germany and Russian Federation - who also signed the accord three years ago - could guarantee that Iran be safeguarded from sanctions against vital areas of its economy, including oil.

Iran's Foreign Minister Javad Zarif has begun a diplomatic tour to seek assurances that signatories to a landmark nuclear deal will back it despite its abandonment by the US.

Two days after Donald J. Trump made a decision to withdraw from the Iran nuclear agreement, Zanganeh said the US president is engaging in "shenanigans" in the oil market - and that he's cut a deal with some members of the Organization of Petroleum Exporting Countries to keep production down and prices high.

Zarif will meet on Tuesday with his counterparts from Germany, France and the United Kingdom in Brussels.

Trump's decision to leave the Joint Comprehensive Plan of Action was met with widespread criticism, save for USA allies in Israel and Saudi Arabia, the regional arch foe of Iran and de facto head of OPEC.

"We are stakeholders in the Vienna agreement and we are going to stay stakeholders", Le Drian told reporters in Dublin on Sunday.

And Germany said it will spend the next few months trying to persuade Washington to change its mind.

The U.S. says the sanctions will also sharply curtail sales of oil by Iran, which is now the world's fifth-largest oil producer.

"It's possible. It depends on the conduct of other governments", Bolton said on CNN's "State of the Union". Merkel said it was important to maintain a "strong transatlantic partnership" but added: "If everybody does what they like, then this is bad news for the world". He added that this would be followed by sanctions on the oil-rich Middle East trading hub. "Now, that will not happen!"

President Donald Trump delivered on his election promise of making America pull out of the Iran nuclear deal which was signed in 2015.

Germany is ready to help 120 of its firms to keep doing business with Iran, German Economy Minister Peter Altmaier said on Friday.

This week, Israel and Iran engaged in an extensive military exchange on the heels of Trump's decision to leave the deal. CBS News reported that Macron's office said the two leaders spoke on Saturday and the French leader expressed his "great concern about stability' in the region". Bolton said on ABC's "This Week". "One of the questions that we need to ask the Americans is whether their final objective is to make the Iranians yield on its nuclear programme or to get rid of the regime", said a senior French official, acknowledging that Paris was concerned by the ideological shift in Washington since John Bolton was appointed US National Security Advisor.

Crude oil prices settled lower today, easing off three-and-a-half year highs, but completed back-to-back weekly gains, sparked by uncertainty over how much oil the global market will lose following the USA decision to reimpose sanctions on Iran.

Foreign Minister Heiko Maas said, however, that it could be hard to protect European firms from any fallout from the USA decision.

"We'll have to take into account the negative effect of any primary or secondary sanctions, which would reintroduce the U.S., for European companies", said O'sullivan on may 14, speaking at the analytical center Atlantic Council (Washington).



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