Published: Sun, August 05, 2018
Markets | By Josh Butler

Scattered protests in Iran as US sanctions loom

Scattered protests in Iran as US sanctions loom

Iranian Minister of Roads and Urban Development Abbas Akhoundi said the Islamic Republic needs to increase its cooperation with China, Russia, the EU, India, Turkey and its regional neighbors in order to be able to counter the looming USA sanctions.

"The Americans say they want to reduce Iranian oil exports to zero".

The nuclear deal lifted global sanctions in return for Iran limiting its nuclear program and allowing regular inspections.

President Donald Trump of the United States of America had also informed that he is willing to meet with Rouhani over Tehran's oil ban without preconditions.

Asked about the future of diplomatic relations between Tehran and Riyadh, Qassemi said Switzerland has been representing Iranian interests in Saudi Arabia under an agreement reached with Bern eight months ago.

In May, Trump controversially pulled America out of the nuclear deal Obama agreed with Iran in 2015. Hormuz is the place they can transfer that pain to the rest of the world. Some protesters have shouted "Mullahs get lost!" and "Death to the dictator!" the semi-official Fars news agency has reported.

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Many of these stateless citizens might try to enter other state which in turn has potential to create law and order problem. Many residents of Assam have long protested against the presence of "foreigners", which include both Hindus and Muslims.

The Iranian riyal is down 25% against the dollar.

While the Trump administration has said it wants to cut Iranian oil exports to zero by November 4, most analysts viewed that target as unlikely. The sanctions targeting Iran's oil industry could cut off a crucial source of hard currency.

China's Unipec, the trading arm of Sinopec, has suspended crude oil imports from the United States.

"This exercise was conducted with the aim of controlling and safeguarding the safety of the worldwide waterway and within the framework of the program of the Guards' annual military exercises", Guards spokesman Ramezan Sharif said, according to IRNA.

Iran's navy and its paramilitary Revolutionary Guard routinely conduct seaborne exercises in the Gulf and the strait.

WTI settled down 47 cents to $68.49 per barrel, and Brent fell 24 cents to $73.21 per barrel, causing Jim Ritterbusch, president of Ritterbusch & Associates, to remark, "It's a jittery feel here, as long as we have Iranian sanctions uncertainty and tariff uncertainty, and it doesn't take much to spark a significant swing one way or the other". The US Energy Information Administration calls it "the world's most important oil transit chokepoint", with 20% of oil traded worldwide moving through the waterway, which is about 30 miles wide at its narrowest point. He did not elaborate.

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