World News
U.S. Ups Iranian Energy and Petrochemical Sanctions
The U.S. today announced in a White House statement further sanctions against the Iranian government for what it described as the nation's "continued failure to meet its international obligations."
President Barack Obama said he approved a new Executive Order aimed at the Iranian energy and petrochemical sectors, extending the current sanctions by preventing the purchase or acquisition of petroleum, petroleum products, or petrochemical products from Iran.
The order also brought in new steps to deter foreign banks from helping the Islamic Republic make payments violating the sanctions, as well as specifically targeting the Bank of Kunlun in China and Elaf Islamic Bank in Iraq who were said to have facilitated transactions worth millions of dollars on behalf of Iranian banks.
"With these actions, we are once again reaffirming our commitment to hold the Iranian government accountable for its actions," said the President, adding, "If the Iranian government continues its defiance, there should be no doubt that the United States and our partners will continue to impose increasing consequences."
The announcement comes on a day of bullish oil news coverage from Iran, with reports by the country's media of over $7 billion having now been invested in their oil and gas industry, and Iranian Oil Minister Rostam Qassemi quoted as saying the country has plans to become one of the largest exporters of oil products in the region in the next three years.
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| VLSFO | MGO | |||
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| Fujairah | 541.50 | 2.50 | 744.00 | 3.50 |
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| Global Average Bunker Price | 624.00 | 2.50 | 801.00 | 3.50 |
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