Rouhani: US Threat to Stop Iranian Oil Exports 'Empty Promise'

Iran: US wish to halt Iran's crude exports won't come true

However, Iran's oil exports have already fallen by almost one-third since Trump's announcement. Brent hit US$82.55 per barrel, its highest since Nov 10, 2014.

The move will help refiners in Iran's second biggest oil market to boost purchases from alternative sources as U.S. President Donald Trump prepares to halt Iranian oil sales through a new set of sanctions from November 4.

On Tuesday, Mr. Trump's address to the world body is expected to focus heavily on Iran and the threat he says the Islamic Republic poses to Middle Eastern stability through its support for proxy forces in Syria, Lebanon and elsewhere. In fact, it has been rising since early 2017, when the Organisation of the Petroleum Exporting Countries (OPEC), started halting the output to lift crude prices, together with other suppliers including Russian Federation.

Brent crude futures were down 4 cents at $81.83 a barrel by 0342 GMT, after gaining almost 1 percent the previous session.

Oil prices, however, have trended higher amid concerns about supply.

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With U.S. sanctions on Iran's oil exports just six weeks away, at least ten Iranian oil supertankers have gone dark, not having broadcast any signal for at least a week, tanker tracking data compiled by Bloomberg shows, suggesting that Tehran may have resurrected the old unconventional tactic to hide its crude oil shipments by switching off transponders on board.

Analysts have started to assume that the US sanctions on Iran's oil may remove more than 1 million bpd from the oil market.

Ben Luckock, the co-head of oil trading at Trafigura, a fellow merchant. echoed Mr. Jaeggi, sating that by Christmas the price of crude oil go up to $90 per barrel. The impending sanctions by the United States on Iran, the third-largest producer among OPEC, which will go into effect November 4, the rising domestic petrol and diesel prices, which touched new record highs in the backdrop of continued weakness in the rupee against the U.S. dollar, and the high crude oil prices that tend to widen the current account deficit for India, which meets more than 80 per cent of its oil requirement through imports, contribute to high oil prices.

"After the weekend's meeting, the voices of those who foresee 100 dollars a barrel and compare the current backdrop to the 2007/2008 bull run are getting louder", said PVM Oil Associates strategist Tamas Varga. It seems that only a drop in demand will stop prices from rising significantly. Anything higher than the estimate could spike prices even higher.

"Moving forward, we are only going to give foreign aid to those who respect us and, frankly, are our friends". "Given the current oil market scenario, we believe prices of crude oil are to rise around $78/bbl -$80/bbl unless the number of rigs deployed by the by the United States are increased", said credit ratings agency CARE Ratings.

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