On Monday, Brian Hook, the US special representative on Iran, did not comment directly about any talks on waivers with Turkey. Ten thousand people have been killed and millions displaced, and it might lead to the worst starvation in a century.
Oil prices rose on Friday, helped by an ongoing Sino-U.S. trade war and concerns over the death of a prominent Saudi journalist. Washington should take the opportunity to undo this very bad complicity by withdrawing logistical and intelligence support. Saudi Arabia is an important ally in the Middle East about Iran. Trump has an opportunity to rebalance his regional policy in the coming weeks.
The market has been focused on US sanctions on Iran, which take effect on November 4 and are created to cut crude exports from the country.
U.S. refineries entering maintenance season, in which major plants go offline for four to six weeks, has also weighed on crude demand and prices.
While traders had largely ignored the potential for U.S. -Saudi tensions to prompt the kingdom to restrain output earlier this week, concerns in the wake of Trump's latest statement appeared to give crude a lift, Stewart Glickman, energy equity analyst at CFRA, told MarketWatch.
At its 2018 peak in May, Iran exported 2.71 million bpd of crude oil, equivalent to almost 3 percent of daily global consumption. Iran is India's third-largest oil supplier after Iraq and Saudi Arabia. This is simply because of the sheer volume of the crude from Saudi.
"The buildup amid the upward trend in USA crude oil production, could be a bearish factor for oil prices in the coming few weeks", the report explained, according to The WSJ.
The Saudi regime has been accused of murdering the dissident journalist, who had been living in the United States, and prompting calls for sanctions against Saudi Arabia in response.
Futures in NY were little changed, after plunging 3 percent Wednesday, the biggest drop since August. The port has some of the biggest refineries and commercial oil storage facilities in China.
On May 8, President Trump pulled the USA out of a 2015 nuclear pact with Iran reached by his predecessor Barack Obama and other world powers, the U.K., France, China, Russia and Germany, and ordered tough US sanctions on Tehran.
The Organization of the Petroleum Exporting Countries and allies agreed in June to boost supply as U.S. President Donald Trump urged producers to offset losses caused by sanctions on Iran and to dampen rising prices.
The opponents also believe that offering oil in the stock market can not counter the sanctions, because this market works based on the free market which stands on supply and demand.