Trump Is "Main Culprit Of Oil Price Hikes, Market Destabilisation": Iran

Iran to continue exporting crude despite fresh US sanctions – official

Earlier, oil prices had surged on worries about global supply after U.S. sanctions on Iran's oil exports take effect Nov 4.

Benchmark crude, Brent hit its highest since November 2014 at $80.94 per barrel, up $2.14 or 2.7 per cent, before easing to around $80.75 dollars.

Iran is the third biggest producer of oil in the Organization of the Petroleum Exporting Countries (OPEC).

In addition to ripping U.S. foes such as Iran and Venezuela, President Donald Trump took direct aim at America's Gulf allies during his speech at the UN General Assembly meeting today. "It's good for peace and it's good for the shape of the global price of oil".

"We defend many of these nations for nothing, and then they take advantage of us by giving us high oil prices". US light was $1.25 higher at $72.03.

Tropical Storm Kirk forms in the Atlantic
The NHC also noted there is a disturbance located between the United States and Bermuda, and it is forecast to move to the west. Kirk was packing sustained winds of 35 miles per hour and its westward motion was expected to accelerate through Tuesday.

Power returning after Environment Canada confirms two Ottawa tornadoes
He has compared the damage to the city's power grid as being on the magnitude of the debilitating ice storm of 1998. Meantime, hydro crews were working to untangle and fix fallen power lines and restore electricity to the region.

Christine Blasey Ford to testify against Supreme Court nominee Brett Kavanaugh
Ford, compare it to everything in the record and make a decision", he won't vote against Kavanaugh based on Ford's testimony. It was unclear whether Grassley would permit more negotiations Saturday, with patience among Republicans is running thin.

Oil prices eased on Wednesday after US data showed a surprise build in domestic crude inventories, but an impending drop in Iranian exports kept Brent futures above $80 a barrel and on track for a fifth straight quarterly gain.

The so-called "OPEC+" group, which includes producers such as Saudi Arabia and Russian Federation, met over the weekend but did not see the need to add new output. 'The US seeks to reduce Iranian oil exports to zero even for a month, but that dream would not come to reality, ' Bijan Zangeneh said on Monday.

"It would be good for the price of oil for Iran to be able to sell it", the French leader said.

"We're on the verge of some significant volatility in Q4 2018 because depending on the severity and duration of the Iranian sanctions, the market simply does not have an adequate supply response for a 2 million barrel a day disappearance of oil from the markets", Jaeggi said.

"We are not going to put up with it, these terrible prices, much longer". He said the cartel is focused on "more important" aspects of the oil market, like assuring the world is adequately supplied with crude. "We believe the combination of tight supply, healthy demand, falling global inventories - down from already under-stored levels - and anemic spare capacity helps support an oil price that could end the year above 90 dollars", he said. Analysts had expected a decrease of 1.3 million barrels. "Trump blames OPEC for what he has created and caused: the rise of the price of oil and disturbance in the market", Zanganeh said.

Related news:

Hot News

isis-killer-beheading-video-story-top Meghan Markle closing vehicle door herself sparks social media reaction
Sep 27, 2018 - 01:12
One Twitter user wrote: "Because I was so inspired by Meghan Markle, as I left the house this morning I shut my own front door". Fans on social media couldn't get enough of Meghan's latest move, calling the 36-year-old royal "humble" and "down to earth".

isis-killer-beheading-video-story-top Kirk intensifies back into a Tropical Storm
Sep 27, 2018 - 01:03
Since then, Kirk's leftovers have generally stuck together as they have continued to truck westward toward the Caribbean. As of the 11 AM advisory from the National Hurricane Center , Kirk has maximum sustained winds of 50 miles per hour .

isis-killer-beheading-video-story-top Liverpool boss has selection headache ahead of Blues Cup clash
Sep 26, 2018 - 02:04
Liverpool boss Jurgen Klopp says Simon Mignolet will start tomorrow night against Carabao Cup opponents Chelsea . Klopp said Chelsea are realistic title contenders and is surprised they are not being tipped more widely.

isis-killer-beheading-video-story-top Kavanaugh says he won’t let ‘false accusations’ push him out
Sep 26, 2018 - 01:59
Protesters march from the Supreme Court to Hart Senate Office Building on Capitol Hill in Washington , Monday, Sept. 24, 2018. Kavanaugh himself has vaguely suggested that a conspiracy is afoot, although he hasn't specified who he thinks is behind it.

isis-killer-beheading-video-story-top Jose Mourinho hints he'll play strong Manchester United squad vs Derby County
Sep 26, 2018 - 01:56
Paul Pogba got up and left after Jack Marriott put Derby in front with five minutes remaining at Old Trafford. And the 55-year-old coach informed the Man United players that Pogba will never be captain again.

isis-killer-beheading-video-story-top Gold Prices Fall As US-China Trade Spat Intensifies
Sep 26, 2018 - 01:55
China will "earnestly reduce taxes and burdens for companies and strive to optimise the business environment", he added. China has responded with tariffs on USA goods worth $110 billion and declined an invitation for talks this week.

isis-killer-beheading-video-story-top Modric wins world player of year
Sep 26, 2018 - 01:53
Olympique Lyonnais women's coach Reynald Pedros won The Best Women's Coach after a French league and Uefa Champions League double.

isis-killer-beheading-video-story-top Russian Federation to boost Syrian air defence with S-300 system
Sep 26, 2018 - 01:28
The province is home to some 3 million Syrians, half of them displaced by violence in other parts of the country. The two militaries cooperate through an emergency hotline to prevent incidents.

isis-killer-beheading-video-story-top Iran holds United States , regional allies accountable for Ahvaz deadly terror attack
Sep 25, 2018 - 00:41
Following the attack, Iranian Foreign Minister Javad Zarif also held regional USA allies responsible in a statement on Twitter. But the move turned out to be a false flag, with Mr Rouhani later pinning the blame on neighbours much closer to home.

President Trump: Sexual assault allegations against Brett Kavanaugh 'totally political'
Sep 25, 2018 - 00:27
Women's March, a group that grew out of a January 2017 demonstration against Trump, was one of the organizers of the protests. He was not actually at the party, but "independently recalled" numerous same details Ramirez provided, per The New Yorker .

isis-killer-beheading-video-story-top Dallas Officer Amber Guyger Terminated Over Botham Jean Killing
Sep 25, 2018 - 00:26
An arrest affidavit obtained by Fox News said Botham allegedly ignored Guyger's "verbal commands" before she opened fire. Dallas police officer Amber Guyger , who killed Botham Shem Jean after entering his apartment, was sacked Monday.

isis-killer-beheading-video-story-top ISIS media release video claiming to show Iran military parade attackers
Sep 25, 2018 - 00:24
Iran declared Monday a national day of mourning. "We will punish every single one of the terrorists for their actions", he vowed. Jokar added, "What is clear is that the terrorist will receive a crushing response for the terrorist attack in Ahvaz".

isis-killer-beheading-video-story-top Woods headed for victory, Rose is top challenger
Sep 24, 2018 - 01:14
Denny McCarthy, who has already earned enough money to secure a return to the PGA Tour, was one shot back. Rose won't be in the final group, but he has plenty on the line even if he doesn't catch Woods.

Patriots Almost Traded Rob Gronkowski To Lions In Offseason
Sep 24, 2018 - 01:10
He was removed from New England's injury report Friday after being limited in Wednesday's practice because of an ankle injury. Gronkowski led the Patriots with 1,084 yards and eight touchdowns previous year across 14 games.

isis-killer-beheading-video-story-top 1.7 million chickens drowned in Florence flooding
Sep 24, 2018 - 01:02
Human and animal waste is mixing with the swirling floodwaters, which have killed about 1.7 million chickens on poultry farms. Todd Tremain needed tarps to cover up spots where Florence's winds ripped shingles off his roof.