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EU oil sanctions on Iran come into full force today as exemptions on some contracts and tanker...

  • Sunday, July 1, 2012, 3:04 AM ET
    EU oil sanctions on Iran come into full force today as exemptions on some contracts and tanker insurance - which has been key in enforcing the embargo - expire. The IEA has forecast that the measures will remove around 1M bpd from oil markets. Brent oil surged 7.05% on Friday and WTI jumped 9.3%, although that was attributed to short covering following the EU summit deal.
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This news story has 6 comments:

  •  
    Iran will not take this quietly. Recall how well Japan reacted to the US oil embargo in 1940. Despite the numerous exceptions granted by the west, this has to hurt. The real question is whether other members of OPEC will cut production to aid their friend. We have a temporary glut and a paper military threat to keep things controlled, but that could change very quickly. Washington does not want violence or spiking oil prices until after the first week of November and Tehran knows it.
    1 Jul 2012, 03:34 AM Reply Like
  •  
    Iran's whole existence is built around skirting sanctions, They did the bartel deal with China over a year back to be ready and they have 75% of all their ships reflagged !

    I am doing what I can ! I love pistacio nuts ,but, I will not buy them until the Iranian's become democratic Persians again and elect Obama in 2017
    1 Jul 2012, 06:43 AM Reply Like
  •  
    Sanctions don't work, the Iranians will just continue to repaint and reflag their ships or do business under the table in gold or other currencies.
    1 Jul 2012, 01:00 PM Reply Like
  •  
    Right. This is a subtle game and I am usually as cynical as you are. However, the fact that there are about a half dozen tankers sitting off the Iranian shore kinda sinks the idea that they can move their production at will. They are also concerned about shutting down the wells and want to start talking again.
    5 Jul 2012, 01:30 PM Reply Like
  •  
    here we go... July fears trades with Iran missiles attack!
    1 Jul 2012, 10:16 PM Reply Like
  •  
    Iran Sanctions are a joke as China spits in our face FXI buying USO direct in the currency pacts they have formed. With Iran Brazil Russia Japan etc and more will follow as the USD can be at great risk if we do not clean our own backyard.
    As long as there are high deficits and we rely on OIL with prices that may spike you will see PMs GLD SLV PSLV GDX GDXJ NUGT and many miners and PHYS UGLD at sustained prices as we have seen this year.
    2 Jul 2012, 12:53 AM Reply Like
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