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Ambiguity hits oil markets prior to start of US sanctions on Iran

TEHRAN, IRAN – MARCH 12: A general view of the Port of Kharg Island Oil Terminal, in the Persian Gulf on March 12, 2017. Kharg Island Oil Terminal brings Iranian oil to the world market. The oil terminal is the world’s largest open oil terminal, with 95% of Iran’s crude oil exports coming through it. ( Fatemeh Bahrami – Anadolu Agency )
A general view of the Port of Kharg Island Oil Terminal, in Iran, seen on 12 March 2017 [Fatemeh Bahrami/Anadolu Agency]

Just four days before the start of new US sanctions on Iran, Iran's customers refused to abide by the sanctions, Arabi21 reported yesterday.

The Arabic language news website reported informed sources saying that India, China and Turkey would not fully stop buying Iranian oil.

Following to the US President Donald Trump's decision in May to impose new sanctions on Iran, the US State Department warned countries that there would be repercussions for anyone who continues trading with Iran following the imposition of sanctions.

The first batch of sanctions were put in place in August with another group due to come in to effect on 4 November.

In an effort to bypass the sanctions, Iran, Turkey and Azerbaijan have agreed to use local currencies in commercial transactions.

READ: Turkey, Iran, Azerbaijan to use local currencies for trade

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