U.S. Sanctions cause Oil Value to Rise

US challenges International Court of Justice ruling on Iran sanctions regime

"India is continuing with its relationship with both its key energy partners Iran and the United States", a second source said.

After their September meeting in Algiers spurred prices to a four-year high, the world's two largest oil exporters sought to send a clearer signal to ease the price worries of consumers, and President Donald Trump.

In 2015, the administrations of former President Barack Obama and Iranian President Hassan Rouhani forged an unprecedented deal to lift extensive USA sanctions on Iran in exchange for the country to agree to restrict its nuclear activities, which it maintained were strictly for peaceful purposes.

Estimates of the sanctions impact have increased sharply since May, when many analysts still expected the USA to grant widespread waivers to countries that make significant cuts, as the administration of Barack Obama did in 2012-15.

WTI crude was up 26 cents to $74.59 a barrel in mid-day trading while Brent was up 9 cents to trade at $84.67 a barrel.

Speaking to hundreds of members of the Basij militia and top Revolutionary Guard leaders gathered at Tehran's Azadi stadium, he said: "The situation of the nation, region and world is sensitive, especially for us the people of Iran".

Oil refiners such as state-owned International Olympic Committee and MRPL could use UCO BankNSE -1.76 % or IDBI BankNSE 0.79 % to route oil payments to Iran, sources said.

Hearings alleged violations of the 1955 Treaty of Amity Iran vs the U.S. in The Hague

Russian Federation and Saudi Arabia are pumping an extra one million barrels a day of oil and could do even more.

The United States placed sanctions on Iran in May after tensions arose over the nuclear deal, which was struck in 2015.

China and India are expected to continue to import some Iranian oil after November, while South Korea and Japan will likely halt purchases.

"Iranian exports could fall below 1 million bpd in November", U.S. bank Jefferies said. Speculators have built bullish long positions on hopes of further price rise.

Iran's oil output reached a peak of about 4 million barrels a day after global sanctions were lifted in 2016 in exchange for curbs on its nuclear activities under the nuclear deal. Last month, the group appeared to rebuff his calls for a rapid production increase to offset the drop in Iranian shipments, prompting a surge in prices and even harsher rhetoric.

"A strong economy, low unemployment would suggest the US consumer is going to continue to fare well with higher energy prices", said Phil Flynn, an analyst at Price Futures Group in Chicago.

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