• 4 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 7 minutes Middle East on brink: Oil tankers attacked off Oman
  • 11 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 14 minutes The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 9 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 4 hours The Plastics Problem
  • 8 hours Coal Boom in Asia is Real and a Long Trend
  • 3 mins US Shale Drilling lacks regulatory body.
  • 2 hours Solar Panels at 26 cents per watt
  • 15 hours Hydrogen FTW... Some Day
  • 18 hours GM Considering Electric Hummer
  • 14 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 5 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 1 day Forbes: Giant Floating Solar Farms Could Extract CO2 From Seawater, Producing Methanol Fuel.
  • 1 day China's President Xi To Visit North Korea This Week
  • 5 hours Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 1 day Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .

Breaking News:

Oil Stabilizes On Small Crude Draw

Alt Text

Supply Woes Keep Oil Prices Subdued

The fundamentals seem to be…

Alt Text

Canada Can’t Get Its Pipeline Problem Under Control

Canada’s once-booming oil industry has…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Brent Breaches $75 As Iranian Sanctions Loom

Brent oil prices topped $75 in early trading on Tuesday as the market grows increasingly worried that the chance of renewed U.S. sanctions on Iran is growing and as Tehran rhetoric flared up.

Prices then fell back, with WTI Crude was up 0.23 percent at $68.80 and Brent Crude was up 0.04 percent at $74.04.

Today was the first time since November 2014 that Brent hit $75 and, according to analysts, the possibility of sanctions on Iran has been the most significant driver of the oil price rally in recent weeks—the other being the virtually eliminated global oil glut combined with robust oil demand growth.

“Currently, all bets are off on the U.S. staying in the nuclear agreement,” Tamas Varga at oil broker PVM told Reuters.

U.S. President Donald Trump has until May 12 to decide whether to waive the sanctions on Iran. At the last waiver in January, President Trump warned that it was the last such waiver, “but only in order to secure our European allies’ agreement to fix the terrible flaws of the Iran nuclear deal.”

Tehran, for its part, toughened the rhetoric today.

On Tuesday, a senior Iranian official, the secretary of Iran’s Supreme National Security Council, Ali Shamkhani, said that Tehran might quit the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) should the U.S. walk out of the nuclear deal that Iran signed with global powers in 2015.

The Atomic Energy Organization of Iran was ready for some “surprising actions” if the deal were to be scrapped, Shamkhani said at a news conference broadcast on state television, as carried by Reuters. Related: What Is A ‘Fair’ Price For Oil?

Asked about Iran withdrawing from NPT, Shamkhani said: “This is one of three options that we are considering.”

Iran’s President Hassan Rouhani also stepped up the war of words on Tuesday, saying in a speech:

“I am telling those in the White House that if they do not live up to their commitments...the Iranian government will firmly react.”

“If anyone betrays the deal, they should know that they would face severe consequences,” Reuters quoted Rouhani as saying.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Mamdouh G Salameh on April 24 2018 said:
    The rise of Brent crude to $75 a barrel has nothing to do with the possibility of US sanctions on Iran. It is due to the strength of the global oil market. Geopolitical concerns including the probability of US sanctions on Iran have already been factored in long time ago.

    Moreover, a re-introduction of sanctions on Iran will neither impact on the global oil market nor on oil prices. Iran’s oil exports will not lose a single barrel of oil as a result of the forthcoming sanctions. Moreover, Iran will be pricing its oil exports and paid for its exports by the petro-yuan thus bypassing the petrodollar and also nullifying US sanctions.

    The European Union (EU) is not going to walk away from the Iran nuclear deal and therefore it will not be imposing any sanctions on Iran thus further weakening US sanctions.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • Abimbola Abayomi Olasehinde on April 24 2018 said:
    Sanctions and breach of agreements must not be the basis in international markets. These can result in lack of confidence.

Leave a comment





Oilprice - The No. 1 Source for Oil & Energy News