Chronicle/Bloomberg: U.S. pressing allies to end Iran oil imports by Nov. 4, official says
The U.S. is pressing allies to end all imports of Iranian oil by a Nov. 4 deadline and doesn’t want to offer any extensions or waivers as it follows through on President Donald Trump’s decision to quit the 2015 Iran nuclear deal, a State Department official said.
Oil prices surged more than 2.5 percent in New York as traders digested the prospect of a much larger than expected loss of Iranian supply this winter. U.S. benchmark West Texas Intermediate surged to $70 a barrel, while Brent, the European crude benchmark, climbed to $76 a barrel.
In a briefing Tuesday, the State Department official said that while the administration wouldn’t rule out waivers or extensions to the November deadline — which Trump announced when he withdrew from the Iran deal in May — it isn’t discussing them either. Because U.S. allies from Asia to Europe have closer commercial ties to Iran than does America, many analysts expected some flexibility from Washington through waivers.
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WNU Editor: The foreign banks are already leaving Iran …. King Dollar Tightens Noose on Iranian Economy (Wall Street Journal).