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US sanctions against Iran push up international oil prices

US sanctions against Iran push up international oil prices

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According to the Nigerian "National News" reported on August 7, the United States re-imposed sanctions on the major crude oil exporter Iran, tightening the global crude oil market, international oil prices rose on Tuesday. Brent low-sulfur crude oil futures price is 74.08 US dollars per barrel, and US West Texas light crude oil futures price rose to 69.21 US dollars per barrel.
 
    The US sanctions against Iran came into effect on Tuesday at 12:01 am Eastern Time (04:01 GMT). Many countries, including the US allies in Europe and China and India, oppose sanctions, but the US government says it hopes that as many countries as possible will stop buying oil from Iran. In July, Iran sold an average of nearly 3 million barrels of crude oil a day.
 
    A senior US government official said on Monday that the United States will cooperate with various countries on a case-by-case basis with the goal of reducing Iran’s fiscal revenue.
 
    Societe Generale said that sanctions against Iran will reduce the supply of the spot crude oil market by 1 million barrels per day. Some analysts have warned that the global heat wave will also affect oil demand. This summer, most parts of the northern hemisphere have been affected by extreme heat, and industrial and residential refrigeration has pushed up demand for power fuels.

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