Traders assessing the impact of the US withdrawing from the Iran deal, combined with issues in Venezuela and a strong USA inventory report has led prices to rise, said Craig Bethune, a senior portfolio manager at Manulife Asset Management.
Mnuchin said the U.S.'s goal is to push Iran to re-negotiate the nuclear deal.
The big question at this point is how disruptive unilateral sanctions from the USA will be to Iranian oil flows.
"The consequences of American sanctions go way beyond goods shipped by American companies because of our technology licenses to many other countries and businesses around the world". "The Treasury Department thanks the UAE for its close collaboration on this matter".
Surging oil prices mean the big Arab countries of the Gulf - especially Saudi Arabia - look set to gain financially as well as politically from US President Donald Trump's decision to pull out of the Iran nuclear deal.
On the heels of Trump's withdrawal from the Iran deal, France's economy minister has urged Europe to stop acting like "US vassals" and continue trading with Tehran in defiance of what "the global economic policeman" has in store. "It would not stop Iran from getting nuclear weapons".
Le Maire said he was seeking concrete exemptions for countries already present in Iran, including Renault, Total, Sanofi, Danone and Peugeot. With that, what will Iran do now that sanctions are being imposed again, and what will OPEC do, if anything, given anticipated changes in Iranian oil exports? The U.S. president's decision plays to his populist base and serves as a rallying cry for some of his critics in the Republican establishment.
Iran is India's third-largest oil supplier behind Iraq and Saudi Arabia.
Volumes jumped for all key crude oil futures contracts as investors took new positions and refiners hedged to protect themselves from higher feedstock prices.
In December 2016, Airbus signed a deal with Iran's national carrier, IranAir, to sell it 100 airplanes for around US$19 billion at list prices.
After the sanctions were mitigated within the framework of the nuclear agreement, Iran increased the oil production to about 3.8 million barrels per day.
At the end of May, le Maire will meet British and German finance ministers to also look at "what we can do in response to these United States decisions on extraterritoriality", the minister said, adding that "It is urgent to go from words to deeds". Reuters reported, citing an unnamed source in OPEC, that Riyadh is looking into possibilities of filling the likely gap in oil production consequent to the resumption of U.S. sanctions against Tehran.
The price of Brent crude oil could jump as high as $US100 a barrel next year as sanctions on Iran shrink inventories, analysts warn.
European allies France, the United Kingdom and Germany meanwhile have agreed that pursuing the current nuclear deal with Iran is the best way to stop it developing nuclear weapons.
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