China frustrates USA efforts to end Iran's oil exports

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With tensions high ahead of the return of U.S. sanctions on Tuesday, the government of President Hassan Rouhani also faces opposition from conservatives and religious leaders, who have long disliked his outreach to the West and accuse him of governing only for the rich.

Meanwhile, the tensions between Washington and Beijing is scaring hedge funds away from an increasingly volatile oil market, according to Bloomberg, with money managers' total positions in the US benchmark and Brent having slid to the lowest since 2016.

This is a blow to US President Donald Trump's efforts to isolate Iran after his withdrawal from a 2015 nuclear deal with the country, officially known as the Joint Comprehensive Plan of Action (JCPOA), they said.

In return, United Nations-approved sanctions were lifted, and Iran was allowed to resume trading oil and gas on the global market.

Iran's oil exports could fall by as much as two-thirds by the end of the year because of the U.S. sanctions, putting oil markets under huge strain amid supply outages elsewhere in the world.

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Trump's policies are already putting significant pressure on the Iranian economy, although US intelligence suggests they may ultimately rally Iranians against the United States and strengthen Iran's hardline rulers, officials say.

The financial news provider quoted informed officials on Friday as saying that the USA had been unable to persuade China to cut Iranian oil imports and that Beijing's purchases from Tehran last month remained unchanged.

If the US wants negotiations, it should stop pressures and sanctions, Qasemi was quoted as saying by official IRNA news agency.

On the back of renewed tensions between Iran and the U.S., the Islamic Republic's President Hassan Rouhani delivered a thinly-veiled threat to hamper oil shipments in the Gulf.

Chinese and Indian companies "will be subject to the same sanctions that everybody else's are if they engage in those sectors of the economy that are sanctionable", a State Department official told reporters in June.

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But according to Nick Ottens of the Atlantic Council, Trump "may not find the ally he expects" in Conte. But it followed tensions between the US and European Union over trade and the transatlantic alliance.

"China and Iran unwaveringly maintain normal trade and economic ties".

When pressed by CNBC to answer the questions she was raising, Croft replied, "I think this market will tighten at the end of this year", and added that Venezuelan production continues to fall and will be a contributing factor. This accounted for 35 percent of Iranian exports last month, according to ship-tracking data compiled by Bloomberg.

Iran is one of India's top suppliers of crude oil.

He said Mohammad Alibak, now director of the Foreign Ministry's Oman and Yemen Office, will be appointed as head of Iran's interest section in Riyadh.

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