Saudis will seek nuclear weapon if Iran does


Traders placed bets that Trump's tough stance on Tehran would significantly reduce the flow of crude from Iran, just as a global oil glut appears to be coming to an end.

President Donald Trump's decision to exit the Iran nuclear deal has already pushed Brent prices above $77 per barrel. The benchmark contract was up $1.80 a barrel, or 2.4 percent, at $76.65 by 1240 GMT.

President Donald Trump's announcement that the United States will leave the deal means that Washington will begin reinstating sanctions.

A drop in Iranian exports due to a return of USA sanctions, plus involuntary supply losses in other OPEC members such as Venezuela would mean the supply cut would be significantly larger than intended.

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Paul Sheldon, an associate director at Platts Analytics, said enforcing compliance with Trump's unilateral sanctions move is much more hard than previous multilateral sanctions, however.

The first deadline, on 6 August, will affect the purchase of USA dollars, trade in gold and certain other metals, as well as aviation and the vehicle industry.

The Bureau of Energy Resources got the job done during the Iran sanctions that spanned 2012 to 2015, when President Barack Obama had the co-operation of European leaders in choking off Iran's main revenue source to pressure it to curb its nuclear programme.

While the sanctions have had an immediate impact on the global crude oil market, the fallout is expected to be wider impacting several non-oil businesses.

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The sanctions come amid an oil market that has been tightening due to strong demand, especially in Asia, and as top exporter Saudi Arabia and top producer Russian Federation have led efforts since 2017 to withhold oil supplies to prop up prices.

"Throughout the entire process in recent months and in particularly the past two weeks, we consulted with Israel and we wanted to make sure we coordinate closely with them", Andrew Peek, deputy assistant secretary for Iran and Iraq, was quoted as saying by Hebrew media. USA crude production pushed to a fresh all-time high as explorers put the most drilling rigs to work in 3 1/2 years.

Analysts at RBC Capital Markets said Iran's exports could be cut by 200,000 to 300,000 bpd as a result.

Kuwaiti oil minister Bakhit al-Rashidi said his country will work with OPEC and non-OPEC oil producers to limit impact of any possible shortage in supplies, state news agency KUNA reported.

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