referring to U.S. oil prices rose to a three-and-a-half year high on Thursday, bolstered by supply concerns due to U.S. sanctions that could cause a large drop in crude exports from Iran. U.S. West Texas Intermediate (WTI) crude futures settled at $73.45 a barrel, up 69 cents, or 0.95 percent. The United States this week demanded all countries halt imports of Iranian oil from November, a hardline position the Trump administration hopes will cut off funding to Tehran. Oil prices have rallied for much of 2018 on tightening market conditions due to record demand and voluntary supply cuts led by OPEC and other producers including Russia. But analysts say the market has little spare capacity to deal with further disruptions.
collected by :Frank Ithan
OIL PRICE CRISIS: Iran threatens to CUT OFF oil reserves to world
Following Donald Trump's warnings of punishments for companies which purchase Iranian oil, President Hassan Rouhani warned Tehran could soon halt exports of oil to neighbouring countries. Yesterday the leading commander of Iran's Revolutionary Guard, an elite branch of the military, said he is prepared to follow presidential orders to halt Iranian oil exports. Major-General Qassem Soleimani said in a letter published on Islamic Republic News Agency (IRNA): "I kiss (Rouhani's) hand for expressing such wise and timely comments, and I am at your service to implement any policy that serves the Islamic Republic."And Esmail Kowsari, deputy commander of the Sarollah Revolutionary Guards base in Tehran, said: "Any hostile attempt by the U.S. will be followed by an exorbitant cost for them. "If Iran's oil exports are to be prevented, we will not give permission for oil to be exported to the world through the Strait of Hormuz."Iranian general: America's oil threats against Iran can be easily answered
as declared in Iranian general: America's oil threats against Iran can be easily answeredBy REUTERSBreaking news. (photo credit:" JPOST STAFF)BEIRUT - America's oil threats against Iran can be easily answered, the head of the elite Revolutionary Guards said Wednesday, according to the Tasnim news agency. US officials are stepping up diplomatic efforts to pressure countries to stop importing Iranian oil. "If the current capabilities of the Revolutionary Guards ... reaches the ears of the adventure-seeking president of America, he will never make this kind of mistake and will reach the understanding that an oil threat can be easily answered," Major General Mohammad Ali Jafari said, according to the Tasnim.collected by :Frank Ithan
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