Oil above $70 for first time since 2014

Oil above $70 for first time since 2014

"Or do we want to say we have our economic interests, we consider we will continue to do trade with Iran?".

The U.S. withdrawal from the Iran nuclear deal means Boeing's licenses to sell billions of dollars in commercial jetliners to Iran will be revoked, Treasury Secretary Steven Mnuchin said Tuesday.

European oil companies could be particularly hit - French company Total signed a $5bn deal with Iran after the agreement, while BP has a joint venture to operate the Rhum gas field with Iran's state oil company. Resulting rising oil prices would have a mixed impact across the region, driving prices higher for some countries that rely heavily on imports, such as Japan, while boosting revenues for exporters such as Indonesia.

Oil prices slumped Tuesday morning, but held close to multi-year highs, as the deadline for a possible USA exit from the Iran nuclear deal loomed.

Incidentally, the recent rally in crude oil price is more to do with the American President's decision to re-impose sanctions on the Islamic Republic country.

Blanch forecast a demand growth of 1.5 million barrels per day in 2018 and revised his 2019 forecast up by 100,000 to 1.4 million in 2019.

That's because the European Union, whose members have been urging Trump not to pull out of the deal, may not go along with new sanctions.

He also believes that "While prices are now rising on Trump's decision to reimpose sanctions on Iran, we may see some limitations to the rally as any lost volumes can be supplied by other producing nations".

Pa. Catholic priest accused of sexually assaulting boys
Poulson would take the boys to the cabin, watch horror movies with them on his laptop and then assault them, the grand jury found. Poulson would then require the boy to make confession to him and confess the sexual assault to receive absolution, it said.

Paul Sheldon, an associate director at Platts Analytics, said enforcing compliance with Trump's unilateral sanctions move is much more hard than previous multilateral sanctions, however.

U.S. crude settled at $70.73 per barrel. Now Iran, the world's fifth-largest oil producer, will have to decide whether to follow the USA and withdraw or try to salvage what's left with the European countries.

Crude stocks at the Cushing, Oklahoma, delivery hub rose 1.4 million barrels, EIA said.

That made Iran the third-biggest exporter of crude within OPEC, behind Saudi Arabia and Iraq.

While the sanctions have had an immediate impact on the global crude oil market, the fallout is expected to be wider impacting several non-oil businesses.

Under the announcement, companies selling commercial aeroplanes to Iran will be particularly hit.

"Looking into the next 18 months, we expect global oil supply and demand balances to tighten", Francisco Blanch, head of commodities research at Bank of America Merrill Lynch in NY, said in a report.

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