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Sportswear giant Nike says it has withdrawn its supply of boots to Iranian footballers ahead of the World Cup because of new US sanctions.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.
Western powers, Russia and China remain committed to the Iran nuclear deal - after the US announced it was withdrawing from the agreement. The UK, France and Germany say they will work with all remaining parties and urged the US not to obstruct its implementation and the other signatories to the 2015 deal - Russia and China - have also stressed their continuing support.
The dollar hovered near a four-month high on Tuesday, continuing to draw support from higher Treasury yields and upbeat prospects for the U.S. economy, leaving its major rivals such as the Euro struggling and other Latin American currencies including the Argentine peso down sharply.
The influential US gun lobby the National Rifle Association (NRA) has elected a former aide to President Ronald Reagan as its new president. Oliver North, a retired US Marine Colonel, played a major role in the so-called Iran-Contra scandal.
Oil prices rose for the fourth straight day on Monday to hit levels not seen since late 2014, boosted by the latest trouble for Venezuelan oil company PDVSA and the possibility that the United States could re-impose sanctions on Iran.