Chile purchases 140000 tons of Iranian crude oil

Trump Taking Opposite Approaches to Iran, North Korea: Analysis

However, US crude settled down USD 1.67 at USD 69.06 per barrel and Brent settled down USD 1.32 at USD 74.85.

Higher oil prices boost the USA economy and employment and increase taxes the federal government collects, according to Zanganeh. West Texas Intermediate crude rose 26 cents to settle at $70.96.

But that's exactly what Iran Oil Minister Bijan Namdar Zanganeh said on state television Thursday.

The US says firms have six months to halt business and can not enter into new contracts or they will face sanctions.

The crude oil prices went down during the last days of the week, although the commodity remains close to its peak reached in the previous session, after the likelihood of USA sanctions against one of the major OPEC producers Iran may further tighten the market. A lot will depend on how other major oil consumers respond to Washington's action against Tehran, which will take effect in November.

Finally, the risks to oil markets from Trump's decision are not simply in removing Iranian exports from the market.

In 2015, Iran, China, France, Germany, Russia, United Kingdom, United States, and the European Union created the JCPOA, under which worldwide sanctions on Iran would gradually be lifted in exchange for Tehran maintaining the peaceful nature of its nuclear program.

Michael Wittner, analyst at Societe Generale, forecasts US sanctions will remove 400,000-500,000 bpd of Iranian crude from the global oil market.

The foreign minister said the commitment of other partners to the Iran deal should be respected.

"If Iranian crude is really taken off the water, it's going to impact Brent much more than it's going to impact WTI", Zimmerman said.

Greg McKenna, chief market strategist at futures brokerage AxiTrader, says it is still "far from certain" that sanctions "will bite in the way intended".

It is unclear how hard US sanctions will hit Iran's oil industry.

Citi analysts said the latest disruption to oil supplies would probably be the test case for whether Saudi Arabia and the rest of OPEC would keep the already announced production cuts to the end of this year or extend them into 2019, driving oil prices even higher than current levels.

"We're telling the Americans that it's their business what sanctions they impose, but we consider the extraterritoriality of these measures unacceptable", Le Drian said. Meanwhile, the USA production reached a new record last week, rising to 10.7 million barrels per day.

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