Iran vice president says private sector to buy, export oil

A group of protesters chant slogans at the main gate of old Grand Bazaar in Tehran Iran

A group of protesters chant slogans at the main gate of old Grand Bazaar in Tehran Iran

Outside North America, looming USA sanctions against major oil exporter Iran were the focus of attention.

Oil surged in the past two weeks as the US pushes allies to end imports of Iranian crude, disruptions persist in places like Libya and American crude inventories shrink.

Meanwhile, Saudi Arabia as well as the UAE are professing to increase production to offset production losses in Libya, Venezuela, and soon Iran.

The White House later walked back the president's comments, saying the king had said his country could raise oil production if needed.

"Recurring salvos in the trade war and falling asset prices raise the question of how much tariffs could damage the global economy", United States bank JPMorgan said. "We want to work with these countries to build a strong global effort", he said.

"Absolutely", the president responded when asked if the US would sanction European countries that do business with Iran.

"We will surely do something to thwart the USA rallying cry that Iranian oil must be stemmed", First Vice President Eshagh Jahangiri said in statements broadcast on state television. "We are also working with oil market participants, including producers and consumers, to ensure market stability".

Outside North America, looming US sanctions against major oil exporter Iran were the focus of attention.

As a result of those sanctions, companies that do business with Iran could face penalties from the U.S. It was previously unclear if the U.S. would penalize European nations that chose to remain in the Obama-era agreement.

The spike was the latest fallout from the Trump administration's decision to abandon the landmark Iran nuclear deal and reimpose sanctions on Iran - a move that has strained relations between the United States and other world powers that support the deal.

A survey of analyst expectations from S&P Global Platts revealed expectations of a drain on USA crude oil inventories of 4.5 million barrels last week, adding support to the concerns about a market deficit.

On Tuesday a senior State Department official described tightening the noose on Tehran as "one of our top national security priorities". "Iran. OK. You think of it. Iran is their big enemy, so they are going to have to do it", Trump said.

The fall came as the Russian Energy Ministry said on Monday that the country's oil output increased to 11.06 million barrels per day in June from 10.97 million barrels per day in May.

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