Tuesday, 14 August, 2018

Iran Guards says it held Gulf drills as U.S. tensions rise

Protesters in Iran attack seminary, break windows ‘Anti-system’ protesters attack seminary near Tehran
Kenneth Drake | 05 August, 2018, 22:13

European countries, along with Russian Federation and China, remain committed to the nuclear deal, but European companies are unlikely to risk US sanctions to do business with Iran.

Iran wants guarantees from Europe to maintain banking cooperation and investments in Iran's oil fields as well as continuation of cooperation between Iranian and European small and medium-sized enterprises, Qasemi noted.

But all Iranians are concerned about the struggling economy, especially since the United States walked out of the nuclear deal in May and announced it would reimpose full sanctions in two stages.

But US President Donald Trump made a decision to reimpose punishing sanctions against Iran, whom he has accused of posing a security threat.

It said this was part of a pre-planned plot by the US, Israel and Saudi Arabia to exploit economic tensions inside Iran.

Iran will not sit down for negotiations under pressures, in particular with U.S. President Donald Trump who "has breached obligations", Iran's Foreign Ministry Bahram Qasemi said Saturday.

In May, Trump controversially pulled America out of the nuclear deal Obama agreed with Iran in 2015. The Iranian rial has fallen to 99,000 to the US dollar despite a government-imposed rate of 44,000.


Fars reported authorities arrested 20 protesters and numerous protest leaders were women. Hormuz is the place they can transfer that pain to the rest of the world. The sanctions targeting Iran's oil industry could cut off a crucial source of hard currency.

India, the second purchaser of Iranian crude, also increased its imports from Iran last month.

The strait connects the Persian Gulf to the Arabian Sea.

"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.

Trump unilaterally withdrew the U.S. from the multilateral deal with Iran in May and announced plans to reimpose sanctions on the Islamic Republic, that would eliminate Tehran's oil revenues.

But as Ritterbusch indicated, jittery traders could send prices in one direction or another based on whatever analytical theory makes headlines, and on Friday Helima Croft, global head of commodity strategy for RBC Capital Markets declared that the oil market will tighten shortly.

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