USA 'dream' of halting Iran's oil exports won't come true: minister

Petrol price crude oil

Quite frankly, if we pull back from here it should be looked at as a potential buying opportunity and what should be a very bullish market going forward as the trade wars heat up, one of the sanctions that has been put on is the Iranian oil sanctions, and that has a tightening effect on supply obviously.

Iranian oil exports are declining ahead of a second round of USA sanctions to be imposed on November 4 and Iran's economy is likely to contract 3 percent this year and 4 percent in 2019, the Institute of International Finance said on Tuesday.

Speaking to reporters after addressing the UN General Assembly, Macron said Iran should be allowed to keep selling oil and called for dialogue as he rejected a U.S. push to isolate the clerical regime.

Commodity merchants Trafigura and Mercuria have warned that the price of oil, now at $69.85 per barrel, could go all the way up to $100 per barrel by the end of 2018 or the beginning of 2019.

It could cause Washington to take extraordinary steps, including the use of the Strategic Petroleum Reserve, to cool down the crude oil and other fuel prices ahead of the USA mid-term elections. US light was $1.25 higher at $72.03.

Daniel Jaeggi, the president of the commodity merchant Mercuria Energy Trading, said that because of the US sanctions against Iran, millions of barrels per day (bpd) of crude oil could be taken out of the market by the end of the fourth quarter this year, making oil prices spike up to $100 a barrel.

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Zanganeh said such a plan isn't possible long-term, though Washington seems determined to cut Iran's crude exports, "even if for just a month".

The IIF said such a system would likely fail to persuade major European companies to do business with Iran for fear of US sanctions.

U.S. crude inventories rose by 1.9 million barrels in the week to September 21, according to U.S. Energy Information Administration (EIA) data.

"We are not going to put up with it, these disgusting prices, much longer". "Given the current oil market scenario, we believe prices of crude oil are to rise around $78/bbl -$80/bbl unless the number of rigs deployed by the by the United States are increased", said credit ratings agency CARE Ratings.

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