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August 8th, 2018:

Oil Gains On Biting Sanctions

American Energy Coalition - August 8th, 2018

"Oil prices rose Tuesday after President Trump said on Twitter the U.S. government will strictly enforce renewed sanctions on Iran, including those aimed at choking off Iran’s oil exports", according to a story published in today's Wall Street Journal.

"In May, Mr. Trump pulled the U.S. out of a 2015 international agreement to curb Iran’s nuclear program and said his government would reimpose sanctions. On Monday, he signed an executive order that puts into motion many of those sanctions, such as forbidding the sale of dollars to the Islamic Republic’s government. Unless Iran complies with U.S. demands, far tougher measures that would aim to cut off Iran’s oil exports are expected to take effect in November", the Journal writes.

“The Iran sanctions have officially been cast,” President Trump, writing on social-media platform Twitter in which he has nearly 54 million followers, said in a predawn posting Tuesday. “These are the most biting sanctions ever imposed, and in November they ratchet up to yet another level. Anyone doing business with Iran will NOT be doing business with the United States.”, says the WSJ article.

"Also keeping oil prices elevated Tuesday, said Mr. Kilduff, were indications that Saudi Arabia actually dialed back output in July. This, he said, “shows that they may be less than enthusiastic in their drive to cover for any Iranian supply shortfalls.”

"Reports out late last week indicated top oil exporter Saudi Arabia pumped 10.3 million barrels a day of crude oil in July, down from 10.5 million in June.", according to the story.

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