US Avoids Shocking Oil Jump
[2018-11-06 04:35 GMT]
U.S. President Donald Trump on Monday said he wants to impose sanctions on Iran’s oil gradually, citing concerns about shocking energy markets and causing global price spikes.
“This has nothing to do with Iran... I could get the Iran oil down to zero immediately but it would cause a shock to the market. I don’t want to lift oil prices,” and “If you notice, oil prices are going down very substantially, despite the fact that already half of their capacity is gone,” adding “it will be a gradual” imposition of oil sanctions,” he told reporters at US Joint Base Andrews in Maryland.
The United States on Monday restored sanctions targeting Iran’s oil, banking and transport sectors and threatened more action, part of a wider effort to curb Tehran’s missile and nuclear programs and diminish the Islamic Republic’s influence in the Middle East, notably its support for proxies in Syria, Yemen and Lebanon. Trump’s moves target Iran’s main source of revenue, its oil exports, as well as its financial sector.
One thing is certain: Europe is angry at the U.S. for unilaterally scuttling the Iran deal and possibly crushing the Iranian economy, which could further destabilize the region and lead to an even greater refugee flow toward Europe. Whatever the outcome, Iran will never submit to Washington’s twelve conditions and is preparing itself for a long siege as Trump is winning a second term.
Technically, Sanction Is Bringing Oil Price to Hell - Not Excluding $20 Within Months, Crude Oil WTI is becoming interesting for a crash
Obstacle I. Double Top ahead of imposing sanction
Obstacle II. Retreat ahead of 61% Fib
Obstacle III. Weekly bearish rising wedge formation