Oil market on alert before Iranian sanctions

  • 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.

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