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Trade tensions weigh on oil prices

05 August 2018

The Iranian rial has dropped to a record low amid growing concerns about renewed USA sanctions, which kick in on Monday.

China has however agreed it will not increase oil imports from Iran, in a move which would directly challenge the U.S. blockade.

On the back of renewed tensions between Iran and the United States, the Islamic Republic's President Hassan Rouhani delivered a thinly-veiled threat to hamper oil shipments in the Gulf.

Iran will not sit down for negotiations under pressures, in particular with U.S. President Donald Trump who "has breached obligations", Iran's Foreign Ministry Bahram Qasemi said Saturday.

Twenty dead in WWII vintage plane crash in Switzerland
It left Locarno Air Base around 16h CET and was heading for the suburbs of Zurich when it crashed at an altitude of 2,540 metres. Police spokeswoman Anita Senti told reporters that it was with "sad certainty" that "the 20 people aboard perished".

US officials told Reuters on Thursday that the United States believed Iran had started carrying out naval exercises in the Gulf, apparently moving up the timing of annual drills amid heightened tensions with Washington.

The matter is awkward for Germany because the government is also committed to keeping alive the 2015 deal it, along with the United States and other world powers, signed with Iran which provides incentives in exchange for Tehran not pursuing a nuclear weapon.

The controversial move was preceded by a deadly crush of Hajj pilgrims in September 2015, which killed more than 460 Iranians.

Iran's actions in the globally significant waterway raised concerns last week after a USA assessment found IRGC assembled a fleet of more than 100 boats and hundreds of Iranian troops were expected to participate.

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In the listing, the vehicle is priced at £71,900 (approximately C$120,000), with the remarkably low mileage of just 4,464 miles. Prince Harry just made a lifestyle change that has royal fans freaking that a little Prince or Princess may be on the way.

Iran had hoped the lifting of sanctions would allow it to replace its aging commercial airline fleet, but the US withdrawal has halted billion-dollar deals struck with Airbus and Boeing.

US sanctions targeting Iranian trade in automobiles, gold and other key metals will be re-imposed on Monday, while sanctions targeting the country's energy and banking sector will resume November 4.

European countries, along with Russian Federation and China, remain committed to the nuclear deal, but European companies are unlikely to risk US sanctions to do business with Iran.

India's oil imports from Iran last month soared by 85 percent from the 415,000 bpd shipments in July 2017, according to the data obtained by Reuters.

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Experts say positively identifying the decades-old remains could take anywhere from days to decades. The White House confirmed to reporters that Trump received a letter from Kim on August 1.

"This exercise was conducted with the aim of controlling and safeguarding the safety of the global waterway [in the Persian Gulf]", said General Ramazan Sharif, spokesman for Iranian Revolutionary Guards according to state news agency IRNA. They have also expressed concern about keeping open the waterways off Yemen where Iranian-backed rebels have attacked oil tankers.

Trade tensions weigh on oil prices