Iran Trade Sanction Relaxation: Limited Effect on Crude Prices Consider Analysts
Iran’s pledge to restrict nuclear work in return for loosened economic sanctions may have a limited effect on crude prices, report Bloomberg, citing analysts who regarded a 2.7 percent slump in Brent as a knee-jerk reaction.
The six-month agreement, which offers Iran about $7 billion in relief from sanctions in exchange for curbs on its nuclear program, leaves in place banking and financial measures that have hampered the OPEC member’s crude exports.
The six-month agreement, which offers Iran about $7 billion in relief from sanctions in exchange for curbs on its nuclear program, leaves in place banking and financial measures that have hampered the OPEC member’s crude exports. Sanctions on sales of refined products also remain, while Iran gains access to $4.2 billion in oil revenue frozen in foreign banks, says Bloomberg, referring to a White House statement.
Source: Bloomberg