Iran vows to thwart US efforts to block its oil exports

referring to Iran has vowed to thwart US efforts to block its oil exports by allowing private companies to export crude oil. "We will surely do something to thwart the US rallying cry that Iranian oil [exports] must be stemmed," Jahangiri said in a speech during an economic event broadcast on state television. India, the biggest buyer of Iranian oil after China, already asked refiners on Thursday to prepare for a "drastic reduction or zero" of Iranian oil imports in order to protect its exposure to the US financial system. "We want to defeat America's efforts ... to stop Iran's oil exports. "Oil is already being offered on the bourse, about 60,000 barrels per day, but that has been only for exports of oil products," Jahangiri said.

Iran is threatening to close the world's most important transit lane for crude oil

Rising tensions between the United States and Iran are resurrecting long-held fears that the Iranian military will attempt to disrupt much of the world's crude oil shipments by shutting the Strait of Hormuz. President Donald Trump's decision to abandon the 2015 Iran nuclear deal and restore sanctions on the Iranian economy have stoked geopolitical risk and fueled an oil price rally. The administration escalated the situation last week when the State Department revealed it is pushing oil buyers to cut off all Iranian crude imports by Nov. 4, sooner than many anticipated. Now, Iran is suggesting that if the United States succeeds in sidelining its exports, it will use its position along the Strait of Hormuz to stop other Middle Eastern countries from shipping their barrels to the world.

Trump news: USA sanctions will end Iran regime - as oil prices to SOAR

As it stated in The US President also issued a stark warning to China and India, saying they must stop buying oil from Iran or face sanctions themselves. Mr Giuliani, the former New York mayor, was speaking at the Free Iran: The Alternative rally in Paris this weekend, to crowds of thousands of Iranian resistance supported. "This president does not intend to turn his back on freedom fighters." However, the sanctions could cause oil prices to soar, according to experts. The Free Iran rally, attended by 80,000 dissidents, in Paris this weekend comes after anti-regime protests in 142 cities across Iran reached startling levels last week. VICKIIE OLIPHANT IN PARIS Free Iran rally: NCRI president Maryam Rajavi said change was coming

OIL PRICE CHAOS: South Korea SUSPENDS Iran oil - oil prices soar

For the first time in six years, South Korea have rejected all shipments of Iranian crude and condensate - with the ban to continue until at least September. One source familiar with Iranian shipping arrangements told Reuters: "There was pressure from the South Korean government to halt purchases. "South Korea overall is lifting zero oil for July loading."AdvertisementTwo other sources said South Korea cancelled July loadings of crude and condensate cargoes from Iran as it was uncertain whether the country would receive an exemption from U.S. sanctions on Iran trade. The cancellations mean South Korea will import no Iranian oil in August, the first month of zero imports since August 2012 when South Korean buyers put Iranian oil purchases on hold before getting a waiver to import limited amounts of Iran crude. In late June, it demanded its allies halt all imports of Iranian oil from November and said exemptions were unlikely.

collected by :Frank Ithan