U.S. rejects ICJ ruling that asked it to ease action on Iran

U.S. rejects ICJ ruling that asked it to ease action on Iran

However, Russia, which rivals the Saudis as a top global producer, does not support the USA sanctions against Iran and has vowed to help Iran get around them and keep exporting oil.

The sources declined to be identified as they were not authorised to speak to the media.

A USA government official said the Trump administration is "in the midst of an internal process" of considering waivers for countries that are reducing imports of Iranian crude.

This price per barrel, recorded on Friday, is the highest since October 2014, driven by concerns over a possible reduction in global supply following the imposition of fresh U.S. sanctions against Iran. Both Organization of the Petroleum Exporting Countries (Opec) and non-Opec members have been making a production cut to lift the subdued crude prices. The deal was struck as oil prices began to climb towards $80 per barrel. Since the ICJ ordered sanctions revoked, Boeing should be able to move forward with deliveries to Iran Air, which were set to begin earlier this year. Indeed, by helping the U.S.to avert a supply shock following the November 4 deadline, Russian Federation may actually enable the USA -led sanctions campaign to be successful and longer lasting than it would be without Moscow's support.

The U.S. officially quit a mid-20th-century friendship treaty with Iran, with which Washington has feuded for decades over accusations that Tehran sponsors terrorism and pursues nuclear ambitions.

As exports have fallen, domestic refinery runs have increased sharply.

Melania Trump’s white hat in Africa lands her in ‘colonial’ controversy
She closed her tour in Egypt by touring the pyramids and the Great Sphinx to highlight USA -backed preservation efforts there. Before that, she had in the company of First Lady Rebecca Akufo-Addo, visited a regional hospital in the capital, Accra.

However, another more pressing reason could be concern about how increased oil prices, particularly oil prices crossing the $100 per barrel threshold, may affect the global economy.

Crude oil prices remained volatile last week even as Brent crude touched four-year high on Wednesday.

Oil prices continue to be supported by the deadline and the hard-line enforcement expected by the administration of President Donald Trump. The bulk of spare capacity is held by Saudi Arabia. "It now appears that only China and Turkey may be willing to risk USA retaliation by transacting with Iran".

Iranian crude oil and condensate exports slumped to just under 1.7 million b/d in September, a fall of nearly 700,000 b/d from May, according to Platts estimates.

Moral of the story: Every nation for itself. The friendship agreement came into effect in June 1957 and granted Iran economic and diplomatic privileges.

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