Oil edges higher ahead of renewed US sanctions against Iran
Société Générale says sanctions will take another 1-million barrels a day off the markets, leaving little spare capacity to deal with unforeseen disruptions
Singapore — Oil prices rose on Tuesday ahead of the introduction of US sanctions against major crude exporter Iran. Spot Brent crude oil futures were at $73.88 a barrel at 2.41am GMT on Tuesday, up 13c, or 0.2%, from their last close. US West Texas Intermediate (WTI) crude futures were up 1c at $69.02 barrel. US sanctions against Iran, which shipped out almost 3-million barrels a day of crude in July, are set to begin at 4.01am GMT on Tuesday. “The US seems hell-bent on regime change in Iran,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader. Many countries, including US allies in Europe as well as China and India oppose the introduction of new sanctions, but the US government said it wants as many countries as possible to stop buying Iranian oil. “It is our policy to get as many countries to zero as quickly as possible. We are going to work with individual countries on a case-by-case basis, but our goal is to reduce the amount of revenue and hard currency g...
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