Iraq urges the US to not engage in strategic reserve oil price manipulation

Joshua Gibson FXStreet

The US is planning to make severel large releases from the US Strategic Oil Reserve in an effort to lower gas prices ahead of the upcoming mid-term elections in November.

Officials from Iran have urged the US administration to hold off on selling off their strategic oil reserves, instead suggesting that they drop their sanction efforts to block Iran's oil exports.

The US has been seeking to completely block Iran from global oil markets, even though the US has been the only country so far to pull out of the Iran denuclearization accord. The move to try and convince the rest of the world to embargo Iranian oil imports has seen oil prices receive support on the charts as oil traders fear the impact of a possible major market constraint should Iran be unable to supply markets.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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