Oil market on alert before Iranian sanctions

November 4, 2018

Tough U.S sanctions targeting Iran’s critical energy sector come into force at midnight, as well as fresh measures against the nation’s shipping and financial industries.
Eight countries – including Turkey, Italy, India, Japan and South Korea – will receive temporary six-month waivers allowing them to continue to import Iranian petroleum products as they move to end such imports entirely, but the Islamic Republic can only spend the money on a narrow range of humanitarian items.
Iran exported the equivalent of 2.5M barrels a day in April, before the announcement of sanctions turned away buyers.
ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI, USOU, USOD, OILD, OILU, USAI