President Donald Trump should stop interfering in the Middle East if he wants the price of oil to stop rising, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Wednesday.
The US ambassador to the United Nations has dismissed Iran's assertion that Washington and its Gulf allies are to blame for a deadly attack at a military parade and says Tehran should look closer to home. Before leaving for the United Nations on Sunday, Iranian President Hassan Rouhani accused other countries, including the US, of provoking the attack killed 25 people and wounded 60 on Saturday.
The U.S. Energy Information Administration (EIA) said that the U.S. likely surpassed Saudi Arabia and Russia earlier this year to become the world’s top crude oil producer. The EIA based its disclosure on preliminary estimates in its Short Term Energy Outlook which is released every month.
The rivalry between Saudi Arabia and Iran is becoming increasingly evident in the oil pricing policies of the two large Middle Eastern producers. The two countries are currently reigniting the market share and pricing war ahead of the returning U.S. sanctions on Iranian oil.
At midday on Tuesday, the first wave of U.S. sanctions suspended under the Iran nuclear deal will snap back into place, as the Trump administration tries to ramp up the economic pressure on Iran. But without partners in Europe, let alone buy-in from countries like Russia, China, and India, it's unclear how strong that pressure will be.
United States president Donald Trump declared on Monday that he would meet Iran's leaders “anytime they want,” an invitation for face-to-face dialogue with a country he had appeared to threaten with war only days before and an affirmation of Trump's faith in his brand of personal diplomacy.
President Donald Trump said over the weekend that he had received assurances from King Salman of Saudi Arabia that the kingdom will increase oil production, “maybe up to 2,000,000 barrels” in response to turmoil in Iran and Venezuela. Saudi Arabia acknowledged the call took place, but mentioned no production targets.
Sportswear giant Nike says it has withdrawn its supply of boots to Iranian footballers ahead of the World Cup because of new US sanctions. The decision has frustrated Iranian players and head coach Carlos Queiroz, who asked FIFA to help his players.
The most prominent driver of oil prices over the next two years is not likely to come from OPEC, Iran or Venezuela, but rather in the shape of a shipping revolution, analysts have warned. New rules coming into force in approximately 18 months' time are seen as a source of great concern for some of the world's biggest oil producers.
Secretary of State Mike Pompeo has said the US is imposing the strongest sanctions in history on Iran. In a speech on Monday in Washington, America's top diplomat said Iran would be battling to keep its economy alive after the sanctions took effect.