US secretary of state Mike Pompeo announced today that <a href="http://www.wionews.com/world/we-oppose-unilateral-sanctions-and-long-arm-jurisdiction-against-iran-china-175654">China, India, Italy, Greece, Japan, South Korea</a>, Taiwan and Turkey would be allowed temporary waiver from Iran oil sanctions which came into effect from today.

Pompeo said the eight countries exempted have "already demonstrated reduction of Iranian crude over the past six months and, indeed, two of those eight have already completely ended imports of Iranian crude and will not resume as long as the sanctions remain in place."

"We continue negotiations to get all of the nations to zero," he added.

Pompeo informed that 50 Iranian banks and 400 subsidiaries would face sanctions as the US re-imposed economic sanctions on Iran's oil, banking and transportation sectors on Monday.&nbsp;

Pompeo added that more than 20 countries had already cut oil imports from Iran, reducing purchases by more than 1 million barrels per day.

"Treasury's imposition of unprecedented financial pressure on Iran should make clear to the Iranian regime that they will face mounting financial isolation and economic stagnation until they fundamentally change their destabilizing behaviour," US Treasury Secretary Steven Mnuchin said.

The US sanctions will also target 200 persons and vessels in its shipping sector including Tehran's national airline, Iran Air, and more than 65 aircrafts.

Pompeo said the US would put "relentless" pressure on Iran as the sanctions covered most of Iran's key industries.

"Our objective is to starve the Iranian regime of the funds it uses to fund violent activity throughout the Middle East and around the world. Our ultimate goal is to encourage them to abandon their revolutionary course," Pompeo said.

In August, the US had imposed sanctions on Iran's metals and auto sectors.&nbsp;

"We hope a new agreement with Iran is possible, but until Iran makes changes in the 12 ways I listed in May, we will be relentless in exerting pressure on the regime," the US secretary of state added.

US secretary of state Mike Pompeo announced today that China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey would be allowed temporary waiver from Iran oil sanctions which came into effect from today.

US secretary of state Mike Pompeo announced today that China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey would be allowed temporary waiver from Iran oil sanctions which came into effect from today. Pompeo said the eight countries exempted have "already demonstrated reduction of Iranian crude over the past six months and, indeed, two of those eight have already completely ended imports of Iranian crude and will not resume as long as the sanctions remain in place." "We continue negotiations to get all of the nations to zero," he added. Pompeo informed that 50 Iranian banks and 400 subsidiaries would face sanctions as the US re-imposed economic sanctions on Iran's oil, banking and transportation sectors on Monday. Pompeo added that more than 20 countries had already cut oil imports from Iran, reducing purchases by more than 1 million barrels per day. "Treasury's imposition of unprecedented financial pressure on Iran should make clear to the Iranian regime that they will face mounting financial isolation and economic stagnation until they fundamentally change their destabilizing behaviour," US Treasury Secretary Steven Mnuchin said. The US sanctions will also target 200 persons and vessels in its shipping sector including Tehran's national airline, Iran Air, and more than 65 aircrafts. Pompeo said the US would put "relentless" pressure on Iran as the sanctions covered most of Iran's key industries. "Our objective is to starve the Iranian regime of the funds it uses to fund violent activity throughout the Middle East and around the world. Our ultimate goal is to encourage them to abandon their revolutionary course," Pompeo said. In August, the US had imposed sanctions on Iran's metals and auto sectors. "We hope a new agreement with Iran is possible, but until Iran makes changes in the 12 ways I listed in May, we will be relentless in exerting pressure on the regime," the US secretary of state added.

China, India, Turkey among eight countries allowed temporary waiver in Iran oil sanctions: Pompeo

Oil prices fell on Monday as <a href="http://www.wionews.com/business-economy/crude-oil-prices-rise-as-us-sanctions-on-iran-loom-172761">US&nbsp;sanctions against Iran's fuel </a>exports were softened by waivers allowing major buyers to import Iranian crude for a while, while Tehran said it would defy Washington and continue to sell.

Brent crude oil was down 15 cents a barrel at $72.68 by 1030 GMT. US&nbsp;light crude was 30 cents lower at $62.84 a barrel.

Both oil price benchmarks have lost more than 15 per cent since hitting four-year highs in early October, as hedge funds have cut bullish bets on crude to a one-year low, data show.

Washington imposed sanctions against Iran on Monday, restoring measures lifted under a 2015 nuclear deal negotiated by the administration of former US&nbsp;president Barack Obama, and adding 300 new designations including Iran's oil, shipping, insurance and banking sectors.

In response, Iranian President Hassan Rouhani said in a speech broadcast on state TV that Iran would break the sanctions and continue to sell oil.

Washington has granted some exemptions. The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil.

"US&nbsp;sanctions against Iran ... created serious concerns with traders earlier in September. But they are turning into a damp squib," said Fiona Cincotta, market analyst at City Index.

Washington has so far not identified the eight. China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan have been the top importers of Iran's oil, while Taiwan also occasionally buys Iranian crude.

South Korea said on Monday it had been granted a waiver, at least temporarily, to import condensate, a super-light form of crude oil, from Iran. It was also allowed to continue financial transactions with the Middle East country, it said.

Chinese foreign ministry spokeswoman Hula Chunking expressed regret at the US&nbsp;decision, but would not directly say if China had or had not been granted an exemption.

Oil markets have been anticipating the sanctions for months and the world's biggest producers have been increasing output.

Joint output from the world's top producers - Russia, the United States and Saudi Arabia - in October rose above 33 million barrels per day (bpd) for the first time, up 10 million bpd since 2010.

In the Middle East, the Abu Dhabi National Oil Co plans to increase its oil production capacity to 4 million bpd by the end of 2020 and to 5 million bpd by 2030, it said on Sunday, from output of just over 3 million bpd.

Oil prices fell on Monday as US sanctions against Iran's fuel exports were softened by waivers allowing major buyers to import Iranian crude for a while, while Tehran said it would defy Washington and continue to sell.

Oil prices fell on Monday as US sanctions against Iran's fuel exports were softened by waivers allowing major buyers to import Iranian crude for a while, while Tehran said it would defy Washington and continue to sell. Brent crude oil was down 15 cents a barrel at $72.68 by 1030 GMT. US light crude was 30 cents lower at $62.84 a barrel. Both oil price benchmarks have lost more than 15 per cent since hitting four-year highs in early October, as hedge funds have cut bullish bets on crude to a one-year low, data show. Washington imposed sanctions against Iran on Monday, restoring measures lifted under a 2015 nuclear deal negotiated by the administration of former US president Barack Obama, and adding 300 new designations including Iran's oil, shipping, insurance and banking sectors. In response, Iranian President Hassan Rouhani said in a speech broadcast on state TV that Iran would break the sanctions and continue to sell oil. Washington has granted some exemptions. The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil. "US sanctions against Iran ... created serious concerns with traders earlier in September. But they are turning into a damp squib," said Fiona Cincotta, market analyst at City Index. Washington has so far not identified the eight. China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan have been the top importers of Iran's oil, while Taiwan also occasionally buys Iranian crude. South Korea said on Monday it had been granted a waiver, at least temporarily, to import condensate, a super-light form of crude oil, from Iran. It was also allowed to continue financial transactions with the Middle East country, it said. Chinese foreign ministry spokeswoman Hula Chunking expressed regret at the US decision, but would not directly say if China had or had not been granted an exemption. Oil markets have been anticipating the sanctions for months and the world's biggest producers have been increasing output. Joint output from the world's top producers - Russia, the United States and Saudi Arabia - in October rose above 33 million barrels per day (bpd) for the first time, up 10 million bpd since 2010. In the Middle East, the Abu Dhabi National Oil Co plans to increase its oil production capacity to 4 million bpd by the end of 2020 and to 5 million bpd by 2030, it said on Sunday, from output of just over 3 million bpd.

Despite sanctions on Iran oil, prices drop on US waivers

As US oil sanctions on Iran kicked-in, <a href="http://www.wionews.com/world/iran-will-proudly-bypass-us-sanctions-rouhani-175592">China opposed the Trump administration's </a>decision calling it a "unilateral" action.

"China opposes unilateral sanctions and long-arm jurisdiction," foreign ministry spokeswoman Hua Chunying said.

The US sanctions are targeted at Iran's oil sales and banking sector in order to force Iran to halt its nuclear and ballistic missile programmes, which President Trump believes the Rohani government has been carrying out covertly.

The US has also accused Iran of funding conflicts in Yemen, Syria and other parts in the Middle East.

"We believe that China's normal cooperation (with Iran) within international law is legal and legitimate, and this shall be respected," China's spokesman said while denouncing the sanctions.

The US had imposed sanctions against Iran on trade, metals and auto sectors in August after pulling out of the nuclear deal which also included its EU partners - &nbsp;France, Germany and Britain.

From today, the US sanctions will include Iran's lucrative oil sector which the Trump administration barring countries from trading with the country, however, it has exempted eight countries including Japan, South Korea and India allowing them leeway to trade with Iranian oil.

"Under the current circumstances, we hope all parties can bear in mind the larger picture and fulfil their duties and choose to stand on the right side of history," Hua said, adding that China will continue to "uphold the objective and responsible attitude to uphold the agreement".

Iranian President Hassan Rouhani had said his country has no fear of "new American threats," while adding that "Iran is not looking for weapons of mass destruction and never will be".

President Rohani said today that he would " proudly bypass sanctions" by the United States.&nbsp;

"We are in a situation of economic war, confronting a bullying power. I don't think that in the history of America, someone has entered the White House who is so against law and international conventions."&nbsp;

As US oil sanctions on Iran kicked-in, China opposed the Trump administration's decision calling it a "unilateral" action. "China opposes unilateral sanctions and long-arm jurisdiction," foreign ministry spokeswoman Hua Chunying said.

As US oil sanctions on Iran kicked-in, China opposed the Trump administration's decision calling it a "unilateral" action. "China opposes unilateral sanctions and long-arm jurisdiction," foreign ministry spokeswoman Hua Chunying said. The US sanctions are targeted at Iran's oil sales and banking sector in order to force Iran to halt its nuclear and ballistic missile programmes, which President Trump believes the Rohani government has been carrying out covertly. The US has also accused Iran of funding conflicts in Yemen, Syria and other parts in the Middle East. "We believe that China's normal cooperation (with Iran) within international law is legal and legitimate, and this shall be respected," China's spokesman said while denouncing the sanctions. The US had imposed sanctions against Iran on trade, metals and auto sectors in August after pulling out of the nuclear deal which also included its EU partners - France, Germany and Britain. From today, the US sanctions will include Iran's lucrative oil sector which the Trump administration barring countries from trading with the country, however, it has exempted eight countries including Japan, South Korea and India allowing them leeway to trade with Iranian oil. "Under the current circumstances, we hope all parties can bear in mind the larger picture and fulfil their duties and choose to stand on the right side of history," Hua said, adding that China will continue to "uphold the objective and responsible attitude to uphold the agreement". Iranian President Hassan Rouhani had said his country has no fear of "new American threats," while adding that "Iran is not looking for weapons of mass destruction and never will be". President Rohani said today that he would " proudly bypass sanctions" by the United States. "We are in a situation of economic war, confronting a bullying power. I don't think that in the history of America, someone has entered the White House who is so against law and international conventions."

We oppose unilateral sanctions and long-arm jurisdiction against Iran: China

With Washington poised to curtail Iran's oil exports, OPEC heavyweight Saudi Arabia and its partners stand ready to ramp up supplies even as market conditions remain uncertain, analysts say.

The renewal of sanctions on the Islamic republic comes at a time of major supply disruptions in several producer nations and as US President Donald Trump aims to prevent an oil price hike.

Analysts expect that Iran's oil exports, which reach around 2.5 million barrels per day in normal times, to plunge by one million to two million bpd when sanctions take effect on November 5.

That is expected to strain an already tight market.

Meanwhile, thousands joined rallies in Tehran and other cities, carrying placards that mocked President Donald Trump, wiping their feet on fake dollar bills, and engaging in the usual ritual of burning the US flag.

This year's 39th anniversary fell just hours before Washington was set to reimpose sanctions -- including an oil embargo -- following its withdrawal from the 2015 nuclear deal earlier this year.

(With inputs from AFP)

With Washington poised to curtail Iran's oil exports, OPEC heavyweight Saudi Arabia and its partners stand ready to ramp up supplies even as market conditions remain uncertain, analysts say.

With Washington poised to curtail Iran's oil exports, OPEC heavyweight Saudi Arabia and its partners stand ready to ramp up supplies even as market conditions remain uncertain, analysts say. The renewal of sanctions on the Islamic republic comes at a time of major supply disruptions in several producer nations and as US President Donald Trump aims to prevent an oil price hike. Analysts expect that Iran's oil exports, which reach around 2.5 million barrels per day in normal times, to plunge by one million to two million bpd when sanctions take effect on November 5. That is expected to strain an already tight market. Meanwhile, thousands joined rallies in Tehran and other cities, carrying placards that mocked President Donald Trump, wiping their feet on fake dollar bills, and engaging in the usual ritual of burning the US flag. This year's 39th anniversary fell just hours before Washington was set to reimpose sanctions -- including an oil embargo -- following its withdrawal from the 2015 nuclear deal earlier this year. (With inputs from AFP)

Saudi Arabia readies to boost supplies over Iran oil sanctions

US secretary of state Mike Pompeo<a href="http://www.wionews.com/world/us-to-give-iran-oil-sanctions-waiver-to-eight-countries-including-india-south-korea-japan-report-175107"> said today that eight countries</a> would be exempt from Iran oil sanctions set to kick-in next week.

The US secretary of state said the import of oil will be allowed at a much lower level than currently being done.

Bloomberg had earlier said that South Korea, India and Japan were among the countries to be allowed the waiver, although Pompeo did not confirm it. The announcement will be made on Monday.

Pompeo said that the European Union as a whole, which has 28 members, would not receive a waiver.

Pompeo said the reimposition of sanctions "is aimed at depriving the regime of the revenues it uses to spread death and destruction around the world."

"Our ultimate aim is to compel Iran to permanently abandon its well-documented outlaw activities and behave as a normal country," Pompeo added.

South Korea had earlier asked Pompeo for "maximum flexibility" for the Iran oil waiver while Turkey and China have consistently resisted calls by the Trump administration to cut back on Iran oil.

Secretary of Treasury Steven Mnuchin also said US wants Brussels-based SWIFT to cut off Iranian financial institutions from&nbsp;Monday. Under US law, Washington can sanction the financial institutions of foreign countries that fail to significantly reduce their purchases of Iranian oil and petroleum products.

National security adviser John Bolton had said earlier that the US does not want to harm "friends and allies" that depend on Iran oil.

The US accused Iran of diverting money in conflict zones in Yemen, Syria, Lebanon and other parts of the Middle East and also of running a covert nuclear and missile program which is vehemently denied by the Rohani government

The US government sanctions are set to come into effect on November 5th.

Meanwhile, Iranian President Hassan Rouhani has warned Iranians they face hard times when new US sanctions take effect.

&nbsp;&nbsp;

&nbsp;

US secretary of state Mike Pompeo said today that eight countries would be exempt from Iran oil sanctions set to kick-in next week. The US secretary of state said the import of oil will be allowed at a much lower level than currently being done.

US secretary of state Mike Pompeo said today that eight countries would be exempt from Iran oil sanctions set to kick-in next week. The US secretary of state said the import of oil will be allowed at a much lower level than currently being done. Bloomberg had earlier said that South Korea, India and Japan were among the countries to be allowed the waiver, although Pompeo did not confirm it. The announcement will be made on Monday. Pompeo said that the European Union as a whole, which has 28 members, would not receive a waiver. Pompeo said the reimposition of sanctions "is aimed at depriving the regime of the revenues it uses to spread death and destruction around the world." "Our ultimate aim is to compel Iran to permanently abandon its well-documented outlaw activities and behave as a normal country," Pompeo added. South Korea had earlier asked Pompeo for "maximum flexibility" for the Iran oil waiver while Turkey and China have consistently resisted calls by the Trump administration to cut back on Iran oil. Secretary of Treasury Steven Mnuchin also said US wants Brussels-based SWIFT to cut off Iranian financial institutions from Monday. Under US law, Washington can sanction the financial institutions of foreign countries that fail to significantly reduce their purchases of Iranian oil and petroleum products. National security adviser John Bolton had said earlier that the US does not want to harm "friends and allies" that depend on Iran oil. The US accused Iran of diverting money in conflict zones in Yemen, Syria, Lebanon and other parts of the Middle East and also of running a covert nuclear and missile program which is vehemently denied by the Rohani government The US government sanctions are set to come into effect on November 5th. Meanwhile, Iranian President Hassan Rouhani has warned Iranians they face hard times when new US sanctions take effect.

Eight countries exempt from Iran oil sanctions: US secretary of state Pompeo

The US&nbsp;government <a href="http://www.wionews.com/india-news/india-in-touch-with-eu-over-alternative-payment-for-iran-oil-imports-166736">has agreed to let eight countries</a>, including close allies South Korea and Japan, as well as India, keep buying Iranian oil after it reimposes sanctions on Tehran next week, Bloomberg cited a US&nbsp;official as saying.&nbsp;

Iran's biggest oil customers - all in Asia - <a href="http://www.wionews.com/world/us-india-in-very-detailed-talks-about-halting-iran-oil-imports-us-163951?amp">have been seeking sanctions waivers to allow</a> them to continue buying some of its oil and have argued that a total ban would spur a further rally in the price of crude.

Bloomberg reported on Friday that South Korea and Japan had received waivers along with India, which relies heavily on Iranian supplies.&nbsp;

A list of all countries getting waivers was expected to be released officially on Monday, Bloomberg said.&nbsp;

There was no immediate comment from the White House.

The United States is preparing to impose new sanctions on Iran's oil industry after Washington withdrew from a nuclear deal between Tehran and other global powers earlier this year.

But the move has backfired on US&nbsp;President Donald Trump as it led to a steep rally in oil prices, including the cost of gasoline, ahead of US&nbsp;mid-term elections.

It was unclear how much crude those eight countries would be allowed to buy from Iran, whose oil exports have plummeted from an average of more than 2.5 million barrels per day to around 1.5 million bpd in recent weeks.

Goldman Sachs said it expects Iran's crude exports to fall to 1.15 million bpd by the end of the year. During a previous round of sanctions at the start of the decade, Iranian oil exports declined at times to below 1 million bpd.

Iran said on Friday the report on waivers showed that the market needed the country's crude.

"The waivers granted to these eight countries show that the market needs Iran's oil and it cannot be pulled out of the market ... I don't know whether these waivers are permanent or temporary," state TV quoted Iran's Deputy Oil Minister Ali Kardor as saying.&nbsp;

Oil prices rallied this year to a four-year high above $85 per barrel on fears Washington may want to cut Iranian oil exports to zero.

But the rally petered out in recent weeks amid market fears about a slowing global economy and as expectations grew that Iran would be allowed still to export significant amounts.

On Friday, Brent futures traded flat at around $73, having fallen 12 per cent since the beginning of October.&nbsp;

A Chinese official told Reuters that discussions with the US&nbsp;government about waivers were ongoing and that a result was expected over the next couple of days.&nbsp;

"We think Trump will agree to China importing some volumes, similar to the treatment that India and South Korea receive," Clayton Allen of Height Securities said in a note on Friday.&nbsp;

South Korea's foreign ministry declined to comment, and Japanese officials were not immediately available for comment.

Another country that has been seeking a sanctions waiver is Turkey. Turkey's energy ministry said on Friday it had not received written notification of any exemption.

Analysts said, however, that waivers would likely be only temporary.&nbsp;

"The US&nbsp;may use waivers to slow-walk implementation, but these will not apply indefinitely," Allen said.

Among other countries closely connected to Iran's energy system is Iraq, which imports gas via a pipeline. The United Arab Emirates imports large amounts of Iranian fuel oil to power ships and Egypt imports oil from Iran for the Sumed pipeline.

Russia has been planning to import oil from Tehran but no major projects have materialised.

The US government has agreed to let eight countries, including close allies South Korea and Japan, as well as India, keep buying Iranian oil after it reimposes sanctions on Tehran next week, Bloomberg cited a US official as saying.

The US government has agreed to let eight countries, including close allies South Korea and Japan, as well as India, keep buying Iranian oil after it reimposes sanctions on Tehran next week, Bloomberg cited a US official as saying. Iran's biggest oil customers - all in Asia - have been seeking sanctions waivers to allow them to continue buying some of its oil and have argued that a total ban would spur a further rally in the price of crude. Bloomberg reported on Friday that South Korea and Japan had received waivers along with India, which relies heavily on Iranian supplies. A list of all countries getting waivers was expected to be released officially on Monday, Bloomberg said. There was no immediate comment from the White House. The United States is preparing to impose new sanctions on Iran's oil industry after Washington withdrew from a nuclear deal between Tehran and other global powers earlier this year. But the move has backfired on US President Donald Trump as it led to a steep rally in oil prices, including the cost of gasoline, ahead of US mid-term elections. It was unclear how much crude those eight countries would be allowed to buy from Iran, whose oil exports have plummeted from an average of more than 2.5 million barrels per day to around 1.5 million bpd in recent weeks. Goldman Sachs said it expects Iran's crude exports to fall to 1.15 million bpd by the end of the year. During a previous round of sanctions at the start of the decade, Iranian oil exports declined at times to below 1 million bpd. Iran said on Friday the report on waivers showed that the market needed the country's crude. "The waivers granted to these eight countries show that the market needs Iran's oil and it cannot be pulled out of the market ... I don't know whether these waivers are permanent or temporary," state TV quoted Iran's Deputy Oil Minister Ali Kardor as saying. Oil prices rallied this year to a four-year high above $85 per barrel on fears Washington may want to cut Iranian oil exports to zero. But the rally petered out in recent weeks amid market fears about a slowing global economy and as expectations grew that Iran would be allowed still to export significant amounts. On Friday, Brent futures traded flat at around $73, having fallen 12 per cent since the beginning of October. A Chinese official told Reuters that discussions with the US government about waivers were ongoing and that a result was expected over the next couple of days. "We think Trump will agree to China importing some volumes, similar to the treatment that India and South Korea receive," Clayton Allen of Height Securities said in a note on Friday. South Korea's foreign ministry declined to comment, and Japanese officials were not immediately available for comment. Another country that has been seeking a sanctions waiver is Turkey. Turkey's energy ministry said on Friday it had not received written notification of any exemption. Analysts said, however, that waivers would likely be only temporary. "The US may use waivers to slow-walk implementation, but these will not apply indefinitely," Allen said. Among other countries closely connected to Iran's energy system is Iraq, which imports gas via a pipeline. The United Arab Emirates imports large amounts of Iranian fuel oil to power ships and Egypt imports oil from Iran for the Sumed pipeline. Russia has been planning to import oil from Tehran but no major projects have materialised.

US to give Iran oil sanctions waiver to eight countries, including India, South Korea & Japan: Report

Brent crude oil prices rose back above $80 a barrel on Monday as markets were expected to tighten once US sanctions against Iran's crude exports are implemented next month.

Benchmark Brent crude oil futures were at $80.26 a barrel at 0646 GMT, up 48 cents, or 0.6 per cent, above their last close.

US West Texas Intermediate (WTI) crude futures were at $69.60 a barrel, up 48 cents, or 0.7 per cent.

The US sanctions on the oil sector in Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), are set to start on November 4. The United States under President Donald Trump is trying to reduce Iranian oil exports to zero to force the country to renegotiate an agreement on its nuclear programme.

US Treasury Secretary Steven Mnuchin told Reuters on Sunday that it would be harder for countries to get sanction waivers than it was during the previous Obama administration, when several countries, especially in Asia, received them.

OPEC agreed in June to boost supply to make up for the expected disruption to Iranian exports.

However, an internal document reviewed by Reuters suggested OPEC is struggling to add barrels as an increase in Saudi supply was offset by declines elsewhere.

Fatih Birol, executive director of the International Energy Agency (IEA), said on Monday that other producers may struggle to fully make up for the expected Iran disruption, and that oil prices could rise further.

Some relief may come from North America, where U.S. drillers added four oil rigs in the week to October 19, bringing the total count to 873, Baker Hughes energy services firm said on Friday, raising the rig count to the highest level since March 2015.

The US rig count is an early indicator of future output. With activity increasing after months of stagnation, US crude production is also expected to continue to rise.

Reflecting rising US crude exports, the Intercontinental Exchange said its new Permian West Texas Intermediate crude futures contract deliverable in Houston, Texas, will begin trading on Monday.

In addition to the potential for rising oil supply, the ongoing Sino-American trade dispute is expected to start dragging on demand.

"The full impact of the US-China trade war will hit markets in 2019 and could act as a considerable drag on oil demand next year, raising the possibility of the market returning to surplus," said Emirates NBD bank in a note.

Shipping brokerage Eastport said "Chinese manufacturing is beginning to slow" and that "Trump's proposal of slapping ... tariffs on additional ... Chinese goods from 1 January would be a further drag on trade."

Brent crude oil prices rose back above $80 a barrel on Monday as markets were expected to tighten once US sanctions against Iran's crude exports are implemented next month.

Brent crude oil prices rose back above $80 a barrel on Monday as markets were expected to tighten once US sanctions against Iran's crude exports are implemented next month. Benchmark Brent crude oil futures were at $80.26 a barrel at 0646 GMT, up 48 cents, or 0.6 per cent, above their last close. US West Texas Intermediate (WTI) crude futures were at $69.60 a barrel, up 48 cents, or 0.7 per cent. The US sanctions on the oil sector in Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), are set to start on November 4. The United States under President Donald Trump is trying to reduce Iranian oil exports to zero to force the country to renegotiate an agreement on its nuclear programme. US Treasury Secretary Steven Mnuchin told Reuters on Sunday that it would be harder for countries to get sanction waivers than it was during the previous Obama administration, when several countries, especially in Asia, received them. OPEC agreed in June to boost supply to make up for the expected disruption to Iranian exports. However, an internal document reviewed by Reuters suggested OPEC is struggling to add barrels as an increase in Saudi supply was offset by declines elsewhere. Fatih Birol, executive director of the International Energy Agency (IEA), said on Monday that other producers may struggle to fully make up for the expected Iran disruption, and that oil prices could rise further. Some relief may come from North America, where U.S. drillers added four oil rigs in the week to October 19, bringing the total count to 873, Baker Hughes energy services firm said on Friday, raising the rig count to the highest level since March 2015. The US rig count is an early indicator of future output. With activity increasing after months of stagnation, US crude production is also expected to continue to rise. Reflecting rising US crude exports, the Intercontinental Exchange said its new Permian West Texas Intermediate crude futures contract deliverable in Houston, Texas, will begin trading on Monday. In addition to the potential for rising oil supply, the ongoing Sino-American trade dispute is expected to start dragging on demand. "The full impact of the US-China trade war will hit markets in 2019 and could act as a considerable drag on oil demand next year, raising the possibility of the market returning to surplus," said Emirates NBD bank in a note. Shipping brokerage Eastport said "Chinese manufacturing is beginning to slow" and that "Trump's proposal of slapping ... tariffs on additional ... Chinese goods from 1 January would be a further drag on trade."

Crude oil prices rise as US sanctions on Iran loom

US President Trump cannot bring oil prices down by "bullying" other nations, Iran's oil minister said on Tuesday, adding that the market was suffering from short supply.

<a href="http://www.wionews.com/markets/as-us-iran-sanctions-on-iran-loom-saudi-arabia-says-it-will-meet-indias-oil-demand-171693">Also Read:&nbsp;As US sanctions on Iran loom, Saudi Arabia says it will meet India's oil demand</a>

US sanctions on Iranian oil exports are due to kick in on November 4th. The US administration has been pushing its allies to cut Iranian oil imports and encouraging Saudi Arabia, other OPEC states and Russia to pump more oil to meet any shortfall.

"The oil market is suffering from short supply and this cannot be resolved by words. Trump thinks he can bring the oil prices down by bullying," Iranian Oil Minister Bijan Zanganeh said, according to the semi-official news agency ILNA.

Benchmark Brent crude has been trading above $80 a barrel.

Zanganeh said the rise of oil prices was a "self-inflicted pain" caused by US sanctions against Iranian energy exports, and could be resolved by lifting the measures.

"Everyone is worried and Trump has failed to reassure them. That's why the market is in turmoil," he said.

Zanganeh also said the United States "has done most of the things it could do, and there is not much left to do against Iran," according to comments reported by Iran's ISNA agency.

Washington said this month it would consider waivers for Iranian oil buyers such as India, although it said they would eventually have to halt imports from Iran, the third biggest oil producer in the Organization of the Petroleum Exporting Countries.

The United States announced new sanctions after withdrawing from a nuclear deal with Iran in May. Under the 2015 nuclear pact, most international sanctions against Tehran were lifted in 2016 in exchange for Iran curbing its nuclear programme.

US President Trump cannot bring oil prices down by "bullying" other nations, Iran's oil minister said on Tuesday, adding that the market was suffering from short supply.

US President Trump cannot bring oil prices down by "bullying" other nations, Iran's oil minister said on Tuesday, adding that the market was suffering from short supply. Also Read: As US sanctions on Iran loom, Saudi Arabia says it will meet India's oil demand US sanctions on Iranian oil exports are due to kick in on November 4th. The US administration has been pushing its allies to cut Iranian oil imports and encouraging Saudi Arabia, other OPEC states and Russia to pump more oil to meet any shortfall. "The oil market is suffering from short supply and this cannot be resolved by words. Trump thinks he can bring the oil prices down by bullying," Iranian Oil Minister Bijan Zanganeh said, according to the semi-official news agency ILNA. Benchmark Brent crude has been trading above $80 a barrel. Zanganeh said the rise of oil prices was a "self-inflicted pain" caused by US sanctions against Iranian energy exports, and could be resolved by lifting the measures. "Everyone is worried and Trump has failed to reassure them. That's why the market is in turmoil," he said. Zanganeh also said the United States "has done most of the things it could do, and there is not much left to do against Iran," according to comments reported by Iran's ISNA agency. Washington said this month it would consider waivers for Iranian oil buyers such as India, although it said they would eventually have to halt imports from Iran, the third biggest oil producer in the Organization of the Petroleum Exporting Countries. The United States announced new sanctions after withdrawing from a nuclear deal with Iran in May. Under the 2015 nuclear pact, most international sanctions against Tehran were lifted in 2016 in exchange for Iran curbing its nuclear programme.

Trump thinks he can bring down oil prices by bullying: Iran minister Zanganeh

The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a US government official said on Friday.

The administration withdrew from a deal over Tehran's nuclear programme in May and is unilaterally reimposing sanctions on Iran's crude oil consumers on November 4. The sanctions aim to force Tehran to stop its involvement in conflicts in Syria and Iraq and halt its ballistic missile programme. Iran says it has abided by the 2015 nuclear deal, which was struck with five other world powers, besides the United States.

The administration is "in the midst of an internal process" of considering exceptions called SRE waivers, or significant reduction exemptions, said a government official, who spoke on the condition of anonymity.

It was the first time a US official said the administration was in the process of considering waivers. Secretary of State Mike Pompeo said in India last month that the administration would consider waivers and that some buyers of Iranian oil would take a "little bit of time" to unwind their trade with Iran.

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White House National Security Adviser John Bolton said on Thursday that the administration's objective was that there be no waivers and "exports of Iranian oil and gas and condensates drops to zero." He added that the administration would not necessarily achieve that.

The administration is "prepared to work with countries that are reducing their imports on a case-by-case basis," the official said.

The comments followed news that India, Iran's No. 2 oil customer after China, will buy 9 million barrels of Iranian oil in November. It was an indication that India will continue purchasing crude from Iran, despite the Trump administration's push to get countries to stop their purchases.

The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a US government official said on Friday.

The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a US government official said on Friday. The administration withdrew from a deal over Tehran's nuclear programme in May and is unilaterally reimposing sanctions on Iran's crude oil consumers on November 4. The sanctions aim to force Tehran to stop its involvement in conflicts in Syria and Iraq and halt its ballistic missile programme. Iran says it has abided by the 2015 nuclear deal, which was struck with five other world powers, besides the United States. The administration is "in the midst of an internal process" of considering exceptions called SRE waivers, or significant reduction exemptions, said a government official, who spoke on the condition of anonymity. It was the first time a US official said the administration was in the process of considering waivers. Secretary of State Mike Pompeo said in India last month that the administration would consider waivers and that some buyers of Iranian oil would take a "little bit of time" to unwind their trade with Iran. × White House National Security Adviser John Bolton said on Thursday that the administration's objective was that there be no waivers and "exports of Iranian oil and gas and condensates drops to zero." He added that the administration would not necessarily achieve that. The administration is "prepared to work with countries that are reducing their imports on a case-by-case basis," the official said. The comments followed news that India, Iran's No. 2 oil customer after China, will buy 9 million barrels of Iranian oil in November. It was an indication that India will continue purchasing crude from Iran, despite the Trump administration's push to get countries to stop their purchases.

US govt actively considering waivers on Iran oil sanctions