Oil Selloff Gives Trump More Room On Iran

Clay Curtis
July 21, 2018

Mnuchin said he would meet with counterparts from developed and developing countries during a G20 finance ministers' meeting in Buenos Aires this week.

Washington also said it would re-impose the nuclear sanctions against Iran, which had been lifted under the JCPOA. But "we want to be very careful in the wind down around the energy markets to make sure that people have the time".

Mr Brian Hook, the US State Department's director for policy planning, said the government is working to minimize disruptions to the global market and the US is "confident that there is sufficient global spare oil production capacity".

The US is re-imposing sanctions on Iran after the Trump administration made a decision to walk out of the Iran nuclear deal of 2015.

An EU plan urging its lending arm to invest in Iran as part of efforts to help keep money flowing to Tehran is proving hard to implement as businesses fear the reimposition of USA sanctions. He did not name the country he had not yet consulted.

"We've said very specifically: There's no blanket waivers, there's no grandfathering", he said.

Iran has said both are non-debatable, other signatories to the 2015 atomic accord including significant European partners Britain, France and Germany, and in addition Russian Federation and China, remained committed to the deal.

Iran hopes that by activating bank accounts in Europe in euros, pounds and other currencies for its Central Bank in Europe, "it could more easily repatriate global oil export revenues-or at least use that revenue to purchase key products in Europe", Tasnim reported.

Trump says he's willing to hit all Chinese imports with tariffs
The president also claimed that interest rate hikes would hinder his efforts to force China into fairer trade terms with the U.S. During the 2016 campaign, Trump said she should be "ashamed of herself" for creating a "false stock market " with low rates.

Trump's administration has indicated it wants a new deal with Iran that would cover the Islamic Republic's regional military activities and ballistic missile program.

"Iran is committed to the rule of law in the face of USA contempt for diplomacy and legal obligations", Iranian Foreign Minister Mohammad Javad Zarif said on Monday.

Iranian Foreign Minister Mohammad Javad Zarif tweeted on July 16 that Iran has filed a complaint with the International Court of Justice in The Hague against the renewed US sanctions. "It's imperative to counter its habit of violating int'l law", the tweet read.

Alan Mohtadi, a senior expert in risk and security from T&S Consulting, in Stockholm, told Xinhua that "what the US and foremost Saudi Arabia is hoping is that the sanctions and isolation against Iran will force Iran to scale down or reduce influence in Syria and Yemen where it has invested massively in the last couple of years".

Iran's next step will be to attend a hearing with the International Court of Justice and the United States, who will likely oppose the hearing and the lawsuit, and try to determine whether the suit should have a "provisional ruling".

The court could not be reached for comment.

Since Trump pulled Washington out of the nuclear deal, European countries have been scrambling to ensure that Iran gets enough economic benefits to persuade it to stay in the deal.

The sanctions snap back November 4 and could block up to 1 million b/d of Iranian exports.

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