US pushes allies to halt Iran oil imports

Omkar Godbole FXStreet Contributor

The US has asked its allies to cut all imports of Iranian oil from November and is unlikely to offer any exemptions, a senior State Department official said on Tuesday, according to a Reuters report.

Trump administration withdrew from the "defective" Iran nuclear deal in May and will reimpose sanctions, starting November 4.

So, Iran will be cut out of the markets from November 4 and there are fears other OPEC producers may not be able to compensate for Iran's oil production drop.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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