What a failed Iran deal would mean for oil prices and military tensions

ATTA KENARE | AFP | Getty ImagesThe Iranian nuclear deal looks all but dead just one year after the President Donald Trump administration walked away from it and reimposed crippling sanctions on the Islamic Republic. The oil price impactThe direction of oil prices will depend on what Iran does with its nuclear program in the event of the deal’s termination, and whether Tehran’s strategy triggers a military response. “An actual military confrontation or even limited military strikes could cause p


ATTA KENARE | AFP | Getty ImagesThe Iranian nuclear deal looks all but dead just one year after the President Donald Trump administration walked away from it and reimposed crippling sanctions on the Islamic Republic. The oil price impactThe direction of oil prices will depend on what Iran does with its nuclear program in the event of the deal’s termination, and whether Tehran’s strategy triggers a military response. “An actual military confrontation or even limited military strikes could cause p
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Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: natasha turak
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What a failed Iran deal would mean for oil prices and military tensions

Iranian soldiers take part in the “National Persian Gulf day” in the Strait of Hormuz, on April 30, 2019. ATTA KENARE | AFP | Getty Images

The Iranian nuclear deal looks all but dead just one year after the President Donald Trump administration walked away from it and reimposed crippling sanctions on the Islamic Republic. As Iran’s government starts breaking its agreed uranium enrichment limits, European leaders are floundering to keep it alive. British Foreign Secretary Jeremy Hunt claimed Monday that the Obama-era deal — signed by the U.S., U.K., Iran, Russia, China, France and Germany in 2015 and intended to provide Iran economic relief in exchange for limits on its nuclear program — “isn’t dead yet.” Other European lawmakers frantically stress the dangers of killing the deal, while Tehran says it can always reverse its deal breaches if the EU defies American sanctions and resumes trade with Iran — something it appears largely unable or unwilling to do. For many Iran watchers, the deal has already collapsed. But what will happen if it officially ends, and what are the consequences for the world?

The oil price impact

The direction of oil prices will depend on what Iran does with its nuclear program in the event of the deal’s termination, and whether Tehran’s strategy triggers a military response. “If the deal dies and Iran starts enriching uranium again at 20% levels and spinning the higher speed centrifuges, we will be closer to a military confrontation involving the U.S. and Iran or potentially Israel and Iran,” Helima Croft, global head of commodity strategy at RBC Capital Markets, told CNBC Thursday. “An actual military confrontation or even limited military strikes could cause prices to temporarily spike.”

Iranian leaders have repeatedly claimed they are not after acquiring nuclear weapons, rather civilian nuclear energy. But before the 2015 deal went into action the country was enriching uranium — the fissile material required for a bomb — at 20%, far above the 3.67% level required for an energy program and roughly three months away from reaching 90% enrichment, or weapons-grade uranium. Under the deal, international inspection agencies verified that Iran had brought enrichment down to 3.67%, the level it now says it’s breaching at just over 4%.

For the U.S., I think it all depends on Trump’s domestic political considerations and who is whispering in his ear on a nightly basis. Richard Nephew Program director at the Center on Global Energy Policy, Columbia University, former State Department sanctions expert

“If war were to break out, we estimate that the price of oil would quickly surge to around $150 per barrel following the outbreak of hostilities,” analysts at London-based Capital Economics said in a research note last week. Twenty million barrels of crude per day are produced in the Persian Gulf. Conflict could prompt the closure of the Strait of Hormuz, through which one-third of the world’s seaborne oil passes. Still, oil watchers point out that with the U.S. shale boom and less global reliance on the Persian Gulf than in previous years, there’s probably enough slack in the international market to bring prices back down. “The deal dying and Iran continuing a staged nuclear restart that still keep it fairly far away from reaching nuclear breakout capability could put a floor under oil prices,” Croft said, but with weak demand concerns still high, it “may not move the needle much.”

Military response: Trump’s call

Most analysts maintain war in the Persian Gulf remains unlikely, but fear that with tensions so high and no diplomatic channel of communication, a mere miscalculation could set off a serious conflict. “For the U.S., I think it all depends on Trump’s domestic political considerations and who is whispering in his ear on a nightly basis,” Richard Nephew, sanctions expert and program director at the Center on Global Energy Policy at Columbia University, told CNBC. Trump’s hawkish National Security Advisor John Bolton “had that upper hand for a while,” Nephew said. “Now, it looks like the isolationists do.”

National Security Advisor John Bolton with that notebook as he listens to questions from reporters during a press briefing at the White House January 28, 2019 in Washington, DC. During the briefing, economic sanctions against Venezuela’s state owned oil company were announced in an effort to force Venezuelan President Maduro to step down. Win McNamee | Getty Images News | Getty Images

With his reelection campaign underway and a long-touted pledge to end America’s Middle East wars, recent actions like seemingly absolving Iran of harsh blame for shooting down a U.S. drone in June and calling off a planned retaliatory strike suggest Trump is very reluctant to go to war. However, Trump said Thursday that a U.S. Navy ship had destroyed an Iranian drone in a “defensive action” in the Strait of Hormuz earlier that day. Nephew believes that Iran “will proceed cautiously on the nuclear side and in ways that are non-attributable — where possible — on the regional side.” Some security experts suggest a “surgical strike” on Iranian nuclear facilities by the U.S., if anything, rather than an all-out war. In terms of military capacity, the U.S. has a far greater range than Iran, says Michael Rubin, a former Pentagon official and resident scholar at the American Enterprise Institute in Washington, D.C. “Sure, Iranian speedboats or drones can harass shipping,” Rubin said. “But if the Iranians go too far, the U.S. Navy can strike Iranian small boats and ports from hundreds of miles away in the Indian Ocean, and the Iranian military would have no effective defense.”

Israel’s ‘any means necessary’

Israel, for its part, has said it will use any means necessary to prevent Iran from acquiring a nuclear bomb, though its internal deliberations on the matter are incredibly complex. Between 2010 and 2012 Israel’s intelligence agency, the Mossad, is believed to have been behind the assassinations of four of Iran’s top nuclear scientists, and in 2007 it carried out airstrikes against a suspected nuclear facility in Syria. If Israel were to strike Iran, the big question will be whether the U.S. follows suit and how Iran would respond, which some analysts say would be likely via rocket attacks by its Lebanese proxy Hezbollah. Tamas Varga, a business analyst at PVM Oil Associates in London, still sees a U.S. move toward war as highly unlikely, especially with the 2020 elections looming. “With the U.S. presidential campaign underway, the last thing Donald Trump would need is a jump in domestic retail gasoline prices,” Varga said. “Never say never, but military conflict is currently not plausible.”

What will the nuclear threat look like?


Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: natasha turak
Keywords: news, cnbc, companies, program, tensions, mean, iran, failed, deal, military, iranian, oil, nuclear, war, sanctions, prices


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Facebook’s crypto chief warns of national security risks if the US fails to innovate in financial services

U.S. national security efforts will fall behind without innovation in financial services, the head of Facebook’s new cryptocurrency subsidiary said at a hearing about the company’s plans for a new digital currency. Cotton said Iran, on which the U.S. has imposed sanctions, has been working on developing its own cryptocurrency. “And the same way that we will end up having two internets and two different infrastructures, we will have two different financial systems and two different financial netw


U.S. national security efforts will fall behind without innovation in financial services, the head of Facebook’s new cryptocurrency subsidiary said at a hearing about the company’s plans for a new digital currency. Cotton said Iran, on which the U.S. has imposed sanctions, has been working on developing its own cryptocurrency. “And the same way that we will end up having two internets and two different infrastructures, we will have two different financial systems and two different financial netw
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Facebook's crypto chief warns of national security risks if the US fails to innovate in financial services

U.S. national security efforts will fall behind without innovation in financial services, the head of Facebook’s new cryptocurrency subsidiary said at a hearing about the company’s plans for a new digital currency.

David Marcus, who heads Facebook’s Calibra subsidiary, responded to a question from Arkansas Sen. Tom Cotton about how the new currency would impact the U.S.’s ability to impose effective sanctions. Cotton said Iran, on which the U.S. has imposed sanctions, has been working on developing its own cryptocurrency.

“I’m glad you brought this up because I believe that if we don’t lead in the space, others will,” Marcus said. “And the same way that we will end up having two internets and two different infrastructures, we will have two different financial systems and two different financial networks. And one will be out of reach of sanctions that are so effective in enforcing our foreign policy and preserving our national security.”

Marcus could be referring to the fragmentation of the online world between countries like the U.S. where citizens can freely browse and those like China where certain search results and websites are censored by the government. He said if the U.S. fails to get ahead of fragmentation in financial services, national security could be at risk.

“I actually believe that if we stay put, we are going to be in a situation in ten, 15 years where we’re really going to have half of the world that is going to operate on, by the way a blockchain-based technology, that will be out of reach from our national security apparatus,” Marcus said.

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WATCH: How Facebook makes money by targeting ads directly to you


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Iranian oil minister: Iran is not ready to talk to the US until sanctions are lifted

Iran is not ready to engage in talks with the U.S. until sanctions are lifted, an Iranian oil minister told CNBC on Monday. “Iran is not ready to open discussions with United States,” said Iranian oil minister Bijan Zanganeh at the OPEC meeting in Vienna to CNBC’s Brian Sullivan. “If United States and the administration wants to change the environment between the two countries, firstly [it] should leave all sanctions put against Iranian oil and other areas. “The oil market should be depoliticize


Iran is not ready to engage in talks with the U.S. until sanctions are lifted, an Iranian oil minister told CNBC on Monday. “Iran is not ready to open discussions with United States,” said Iranian oil minister Bijan Zanganeh at the OPEC meeting in Vienna to CNBC’s Brian Sullivan. “If United States and the administration wants to change the environment between the two countries, firstly [it] should leave all sanctions put against Iranian oil and other areas. “The oil market should be depoliticize
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Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: maggie fitzgerald
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Iranian oil minister: Iran is not ready to talk to the US until sanctions are lifted

Iran is not ready to engage in talks with the U.S. until sanctions are lifted, an Iranian oil minister told CNBC on Monday.

“Iran is not ready to open discussions with United States,” said Iranian oil minister Bijan Zanganeh at the OPEC meeting in Vienna to CNBC’s Brian Sullivan. “If United States and the administration wants to change the environment between the two countries, firstly [it] should leave all sanctions put against Iranian oil and other areas. Then, [the U.S.] will see significant change in the environment and then we can do many things.”

Tensions between the U.S. and Iran have escalated in recent weeks, following attacks on oil tankers and a U.S. drone near the Strait of Hormuz that the U.S. alleges were executed by Iran. Although Iran denies it carried out the tanker attacks and said the drone was in Iranian airspace, last week, President Donald Trump signed an executive order imposing new sanctions on Iran in response to the downing of an unmanned U.S. drone.

The Strait of Hormuz, a narrow channel between the borders of Iran and Oman, accounts for approximately 30% of the world’s seaborne oil traffic.

When asked if it is safe for tankers in the Gulf of Oman and the Strait of Hormuz, Zanganeh emphasized that the oil market should be depoliticized.

“I don’t know who has done against the ships in Oman but in [the] Iranian side, during the more than 100 years, we secured the market and we repeated it for many times that the market, the oil market, should be depoliticized,” said Zanganeh.

“The oil market should be depoliticized for all,” he said. “Its not a tool to use against some countries to limit its export and others. Oil is oil.”

Iran is OPEC’s third-largest oil producer prior to the reimposition of U.S. sanctions.

Oil prices surged on Monday on reports that OPEC+ is set to extend production cuts and the trade truce between the U.S. and China boosted sentiment for the commodity in a weakening global economy. Prices also got a boost on news that Iran breached its nuclear agreement.

Iran’s Foreign Minister Mohammad Javad Zarif said that Iran breached the limit of its enriched uranium stockpile set in 2015, Reuters reported. Zarif confirmed that Iran had gone over the relevant limit of 300 kg of uranium.


Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: maggie fitzgerald
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Iran says European efforts to salvage nuclear deal are not enough

The remaining parties to the nuclear deal, abandoned by the U.S. last year, have been scrambling to find a way to keep Iran from leaving the agreement. The U.S., meanwhile, warned European companies that they have a choice of doing business with the U.S. or Iran. Oil prices fell right before the U.S. futures close when the European Union said in a statement that the remaining signatories to the Iran deal would “intensify” efforts to reduce the impact of sanctions and normalize trade with Iran. O


The remaining parties to the nuclear deal, abandoned by the U.S. last year, have been scrambling to find a way to keep Iran from leaving the agreement. The U.S., meanwhile, warned European companies that they have a choice of doing business with the U.S. or Iran. Oil prices fell right before the U.S. futures close when the European Union said in a statement that the remaining signatories to the Iran deal would “intensify” efforts to reduce the impact of sanctions and normalize trade with Iran. O
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Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: patti domm
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Iran says European efforts to salvage nuclear deal are not enough

European officials said they created a trading vehicle to help Iran get some relief from U.S. sanctions, but Tehran may see the proposal as insufficient to stop it from moving forward with a threat to violate its nuclear deal.

The remaining parties to the nuclear deal, abandoned by the U.S. last year, have been scrambling to find a way to keep Iran from leaving the agreement. They held an urgent meeting in Vienna in an effort to hold Iran from violating the deal. The trade mechanism was announced after the meeting.

But Iran said it would continue with its plan to enrich uranium even though it is just days away from a volume that would violate the nuclear accord.

Iran’s deputy foreign minister Abbas Araghchi said Friday he would report back to Tehran on the talks. “The decision to reduce our commitments has already been made and we will continue unless our expectations are met,” he said.

Araghchi said the talks were a “step forward, but it is still not enough and not meeting Iran’s expectations.”

The U.S., meanwhile, warned European companies that they have a choice of doing business with the U.S. or Iran. Brian Hook, State Department’s special representative on Iran, made the comment to reporters in London Friday.

“The Europeans are basically trying to placate them by setting up this trade mechanism. It’s basically a barter trade system. They had high expectations that it could handle such things as oil, which we saw as unrealistic,” said Henry Rome, Eurasia Group analyst on Iran. “It’s mainly designed to allow Iran to buy humanitarian goods. What we saw today was basically the Iranians saying we’ll get back to you. The likely outcome is it’s not good enough, and we’ll get additional nuclear escalation.”

Oil prices fell right before the U.S. futures close when the European Union said in a statement that the remaining signatories to the Iran deal would “intensify” efforts to reduce the impact of sanctions and normalize trade with Iran. U.S. West Texas Intermediate crude futures settled down 96 cents, or 1.6%, at $58.47 a barrel Friday after trading in a narrow range for most of the session.

Oil traders saw the news as a possible way for the nuclear deal to be salvaged. “It lessens the tension for now. If they were going to pull out and create more mischief, it was a path to another conflict,” said John Kilduff of Again Capital.

The U.S. has ratcheted up the pressure on Iran by prohibiting any waivers from the sanctions for Iran’s oil customers. That has squeezed Iran’s ability to export, and now analysts estimate that Iran’s oil exports have fallen below than 500,000 barrels a day, down from more than 2 million barrels before sanctions.

Britain, France and Germany, the nuclear deal’s signatories, set up the trade channel, called INSTEX, and it will be available to all EU countries.

China and Russia also still remain parties to the nuclear the deal. The U.S. left the deal because it viewed it as one-sided. Iran has set a July 7 deadline by which it expects the other parties to grant it some relief from the U.S. sanctions.

“They are threatening various steps, announcing deadlines, removing deadlines, changing them, making new threats, like they are dropping from the proliferation treaty. They’re really trying to light a fire under the Europeans to see what the maximum is they are going to get,” said Rome.

“They’re going to get mainly humanitarian or non-sanctioned goods. What the Iranians really want, and the whole ball game for them, is oil, and the Europeans cannot simply facilitate that.The Iranians are guaranteed to be disappointed by the outcome here,” he said.

—Reuters contributed to this story

WATCH: European mechanism to allow trade with Iran ‘operational’


Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: patti domm
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North Korea says US extension of sanctions is ‘hostile’ act

A complete guide to the Trump-Xi meeting this weekStocks should rally if the U.S. and China agree to new negotiations and a ceasefire in the trade war, but the economic impact of tariffs will continue. Market Insiderread more


A complete guide to the Trump-Xi meeting this weekStocks should rally if the U.S. and China agree to new negotiations and a ceasefire in the trade war, but the economic impact of tariffs will continue. Market Insiderread more
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North Korea says US extension of sanctions is 'hostile' act

A complete guide to the Trump-Xi meeting this week

Stocks should rally if the U.S. and China agree to new negotiations and a ceasefire in the trade war, but the economic impact of tariffs will continue.

Market Insider

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Anthony Scaramucci encourages Iran to ratchet back tensions, says Trump is ‘very fearless’

Former White House Communications Director Anthony Scaramucci believes it would be “very smart” for Iran to de-escalate tensions with the U.S., amid fears of another military confrontation in the Middle East. President Donald Trump announced fresh sanctions on the Islamic Republic on Monday, following the downing of an unmanned American drone last week. The U.S. president also warned an Iranian attack on Americans would be met with “great and overwhelming force” and “obliteration. ” Iran respond


Former White House Communications Director Anthony Scaramucci believes it would be “very smart” for Iran to de-escalate tensions with the U.S., amid fears of another military confrontation in the Middle East. President Donald Trump announced fresh sanctions on the Islamic Republic on Monday, following the downing of an unmanned American drone last week. The U.S. president also warned an Iranian attack on Americans would be met with “great and overwhelming force” and “obliteration. ” Iran respond
Anthony Scaramucci encourages Iran to ratchet back tensions, says Trump is ‘very fearless’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-26  Authors: sam meredith
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Anthony Scaramucci encourages Iran to ratchet back tensions, says Trump is 'very fearless'

Former White House Communications Director Anthony Scaramucci believes it would be “very smart” for Iran to de-escalate tensions with the U.S., amid fears of another military confrontation in the Middle East.

President Donald Trump announced fresh sanctions on the Islamic Republic on Monday, following the downing of an unmanned American drone last week.

The U.S. president also warned an Iranian attack on Americans would be met with “great and overwhelming force” and “obliteration. ”

Iran responded to the additional sanctions by calling them “outrageous and idiotic” and suggested the White House was suffering from a “mental illness.”

“The only thing I would say to people in Iran is I would be very careful with President Trump because he is not the kind of guy that is a politician,” Scaramucci told CNBC’s Hadley Gamble in Manama, Bahrain on Wednesday.

“He has lived his entire life without fear and so I would just be cautious with him. He just invested $1.4 trillion in the last two years in the United States military and so he means what he says,” he added.

The Stockholm International Peace Research Institute (SIPRI) estimated that America’s military spending amounted to $1.255 trillion over 2017 and 2018. The U.S. is by far the world’s biggest spender when it comes to defense, accounting for 36% of total global military expenditure in 2018.

Scaramucci was fired from his role as White House communications director after just 10 days in the role in 2017, following controversial comments about his colleagues.


Company: cnbc, Activity: cnbc, Date: 2019-06-26  Authors: sam meredith
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Treasury Secretary Mnuchin says sanctions must be working for Iran leadership to be so upset

U.S. Treasury Secretary Steven Mnuchin believes the latest round of economic sanctions against Iran must be working, citing the recent backlash from Tehran’s leadership as proof. President Donald Trump announced fresh sanctions on the Islamic Republic on Monday, following the downing of an unmanned American drone last week. Iran responded to the additional sanctions by calling them “outrageous and idiotic” and suggested the White House was suffering from a “mental illness.” “That must mean that


U.S. Treasury Secretary Steven Mnuchin believes the latest round of economic sanctions against Iran must be working, citing the recent backlash from Tehran’s leadership as proof. President Donald Trump announced fresh sanctions on the Islamic Republic on Monday, following the downing of an unmanned American drone last week. Iran responded to the additional sanctions by calling them “outrageous and idiotic” and suggested the White House was suffering from a “mental illness.” “That must mean that
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Treasury Secretary Mnuchin says sanctions must be working for Iran leadership to be so upset

U.S. Treasury Secretary Steven Mnuchin believes the latest round of economic sanctions against Iran must be working, citing the recent backlash from Tehran’s leadership as proof.

President Donald Trump announced fresh sanctions on the Islamic Republic on Monday, following the downing of an unmanned American drone last week.

The U.S. president also warned an Iranian attack on Americans would be met with “great and overwhelming force” and “obliteration. ”

Iran responded to the additional sanctions by calling them “outrageous and idiotic” and suggested the White House was suffering from a “mental illness.”

“That must mean that they are working if they are this upset about these sanctions. That’s an acknowledgement that they are working,” Mnuchin told CNBC’s Hadley Gamble in Manama, Bahrain on Wednesday.


Company: cnbc, Activity: cnbc, Date: 2019-06-26  Authors: sam meredith
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SpaceX caught the nose cone of its Falcon Heavy rocket for the first time in the net of a boat

New sanctions on Iran may be the end of the diplomatic road:…”What else do you have to do that will actually have to affect the Iranians’ calculus?” said Amos Hochstein, who served as U.S. special envoy for international energy affairs…World Politicsread more


New sanctions on Iran may be the end of the diplomatic road:…”What else do you have to do that will actually have to affect the Iranians’ calculus?” said Amos Hochstein, who served as U.S. special envoy for international energy affairs…World Politicsread more
SpaceX caught the nose cone of its Falcon Heavy rocket for the first time in the net of a boat Cached Page below :
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SpaceX caught the nose cone of its Falcon Heavy rocket for the first time in the net of a boat

New sanctions on Iran may be the end of the diplomatic road:…

“What else do you have to do that will actually have to affect the Iranians’ calculus?” said Amos Hochstein, who served as U.S. special envoy for international energy affairs…

World Politics

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Trump’s latest sanctions on Iran may be the end of the diplomatic road, says former US official

U.S. President Donald Trump’s fresh sanctions on Iran are a “symbolic act” and may leave Washington with no room to exert further pressure on the nuclear power, a former U.S. diplomat said Tuesday. Trump on Monday signed an executive order to impose “hard-hitting” sanctions on Iranian Supreme Leader Ayatollah Ali Khamenei, whom he said was responsible for the “hostile conduct” of the regime. Washington’s new sanctions come on the back of tense U.S.-Iran rhetoric after Tehran downed an American m


U.S. President Donald Trump’s fresh sanctions on Iran are a “symbolic act” and may leave Washington with no room to exert further pressure on the nuclear power, a former U.S. diplomat said Tuesday. Trump on Monday signed an executive order to impose “hard-hitting” sanctions on Iranian Supreme Leader Ayatollah Ali Khamenei, whom he said was responsible for the “hostile conduct” of the regime. Washington’s new sanctions come on the back of tense U.S.-Iran rhetoric after Tehran downed an American m
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Company: cnbc, Activity: cnbc, Date: 2019-06-25  Authors: shirley tay
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Trump's latest sanctions on Iran may be the end of the diplomatic road, says former US official

U.S. President Donald Trump’s fresh sanctions on Iran are a “symbolic act” and may leave Washington with no room to exert further pressure on the nuclear power, a former U.S. diplomat said Tuesday.

Trump on Monday signed an executive order to impose “hard-hitting” sanctions on Iranian Supreme Leader Ayatollah Ali Khamenei, whom he said was responsible for the “hostile conduct” of the regime.

While the new sanctions aim to deny top Iranian officials access to important financial resources, “the Ayatollah and most of the people closest to him don’t really have bank accounts in their names … in Europe or outside of Iran” that would be hit by the sanctions, said Amos Hochstein, who served as U.S. special envoy for international energy affairs under the Obama administration.

Washington’s new sanctions come on the back of tense U.S.-Iran rhetoric after Tehran downed an American military drone last Thursday. The Trump administration has accused Iran of being responsible for a recent attack on six oil tankers in or near the Strait of Hormuz.

However, Washington may be treading into dangerous waters in its Iran policy, Hochstein told CNBC’s “Street Signs Asia. ”

“When (U.S. Secretary of State Mike) Pompeo says that the United States has sanctioned more than 80% of the (Iranian) economy, that’s the good news, but it’s also the bad news, ” he added.

“What else do you have to do that will actually have to affect the Iranians’ calculus?” Hochstein asked.


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European stocks close under pressure amid Iran tensions and trade fears

European stocks closed slightly lower Tuesday amid heightened geopolitical tensions between the U.S. and Iran, as well as ongoing trade uncertainty. Auto and retail stocks led the losses with 1% declines, while basic resources climbed 0.7%. Iran slammed the sanctions, saying they signaled the end of diplomacy. Meanwhile, investors are also awaiting a meeting between Trump and Chinese President Xi Jinping at this week’s G-20 summit in Japan amid the ongoing trade war between the two nations. A se


European stocks closed slightly lower Tuesday amid heightened geopolitical tensions between the U.S. and Iran, as well as ongoing trade uncertainty. Auto and retail stocks led the losses with 1% declines, while basic resources climbed 0.7%. Iran slammed the sanctions, saying they signaled the end of diplomacy. Meanwhile, investors are also awaiting a meeting between Trump and Chinese President Xi Jinping at this week’s G-20 summit in Japan amid the ongoing trade war between the two nations. A se
European stocks close under pressure amid Iran tensions and trade fears Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-25  Authors: elliot smith
Keywords: news, cnbc, companies, fears, amid, tensions, pressure, ongoing, meeting, resources, close, stocks, european, trade, sanctions, iran, trump, closed


European stocks close under pressure amid Iran tensions and trade fears

European stocks closed slightly lower Tuesday amid heightened geopolitical tensions between the U.S. and Iran, as well as ongoing trade uncertainty.

The pan-European Stoxx 600 closed provisionally just below the flatline. Auto and retail stocks led the losses with 1% declines, while basic resources climbed 0.7%.

President Donald Trump on Monday signed an executive order imposing “hard-hitting” new sanctions on Iran, which NBC News reported will deny Iranian Supreme Leader Ayatollah Ali Khamenei and his office access to key financial resources. Iran slammed the sanctions, saying they signaled the end of diplomacy.

Meanwhile, investors are also awaiting a meeting between Trump and Chinese President Xi Jinping at this week’s G-20 summit in Japan amid the ongoing trade war between the two nations. A senior U.S. official reportedly said Trump is “comfortable with any outcome” from U.S.-Sino talks at the summit.

On Wall Street, the Dow Jones Industrial Average fell about 35 points following the release of much weaker-than-expected consumer confidence data. The S&P 500 and Nasdaq indexes were also in negative territory.

Back in Europe, the favorite to replace British Prime Minister Theresa May, Boris Johnson, reiterated his threat to take the U.K. out of the European Union in October with or without agreeing a deal with the bloc.

Meanwhile, the EU has indicated that the Italian anti-establishment government may have anywhere between three and six months to demonstrate its commitment to reducing the country’s massive debt burden, according to minutes from the latest European Commission meeting.


Company: cnbc, Activity: cnbc, Date: 2019-06-25  Authors: elliot smith
Keywords: news, cnbc, companies, fears, amid, tensions, pressure, ongoing, meeting, resources, close, stocks, european, trade, sanctions, iran, trump, closed


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