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Iran says new sanctions by United States would not stifle its oil industry

09 Mai 2018

But renewed US sanctions on Iran may possibly get a larger implication than petroleum distribution and petroleum rates, presented Tehran's expanding influence from the Middle East and its particular role in regional crises like Syria and Yemen, famous Fox.

Oil prices have been climbing partly because of expectations President Donald Trump will abandon the 2015 Iran nuclear deal, which allowed Iran to export more crude.

In currency markets, the dollar broadly held firm on the prospect of solid United States economic growth, helped partly by Trump's tax cuts and spending, pointed to further rises in United States interest rates down the road. There are several dates coming up which could have a significant impact on global oil supply and demand, or at the very least elevate the risk of a market-moving presidential tweet. "But that is not the end of the story", said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.

In China, the biggest single buyer of Iranian oil, Shanghai crude futures hit their strongest in dollar terms since they were launched. And tensions between Iran and Israel look set to intensify.

Apple, a Dow component, notched a record closing high after it was reported that Warren Buffett had added an additional 75 million shares, worth about $13 billion before Friday, in the first quarter.

Crude futures had a volatile trade on Tuesday before closing lower by $1/bbl, following Trump's decision on the Iran nuclear deal, but analysts had predicted the decline would be temporary.

Gas prices nationally have climbed about 11 percent since March, to an average of $2.85 a gallon last week, reflecting higher global petroleum costs partly in anticipation of Trump's withdrawal and move to reimpose sanctions against the world's fifth-largest oil producer.

The major stock indexes spent much of the day in the red and oil prices slumped as investors awaited Trump's announcement on the U.S. -Iran policy. The S&P 500 fell 0.71 points, or 0.03 percent, to 2,671.92, and the Nasdaq Composite added 1.69 points, or 0.02 percent, to 7,266.90.

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Since the Iran nuclear deal went into effect, its exports have risen to about 2.5 million bpd, from less than 1 million bpd. Against the yen, the dollar gained 0.11 percent to 109.19 per $1. Both contracts continued to pare losses in post trade.

Meanwhile, a Federal Reserve meeting, a monthly jobs report and the bulk of the earnings season are now in the rearview mirror, so US equity investors are turning their focus back to news on global trade (http://www.marketwatch.com/story/after-earnings-barrage-and-data-stock-market-moves-now-hinge-on-global-trade-2018-05-05).

JPMorgan's emerging market bond index hit its lowest level in more than a year.

The euro and sterling fell under renewed pressure, the former on prospects of early elections in Italy and the latter as hopes waned of a Bank of England rate increase this week.

The British pound stood at $1.3548, near a 4-month low of $1.3485 touched on Tuesday.

Against the yen, the dollar stood little changed at 108.93 yen, off its three-month high of 110.05 yen.

Iran says new sanctions by United States would not stifle its oil industry