Oil near multi-year highs on Iran sanctions

State Pompeo speaks at the State Department in Washington

US President Donald Trump on May 8 announced that the US was withdrawing from a 2015 deal negotiated by the Obama administration.

Tehran and Moscow say they will preserve the 2015 Iran nuclear deal despite Washington's decision to withdraw.

While it is too early to really know how the move will play out, we now know that it is unilateral.

New Zealand exported $120 million of goods to Iran past year, with dairy products making up three-quarters of that. European leaders have signaled their commitment to the nuclear deal despite the U.S.'s withdrawal - though Bolton speculated Sunday that commitment could waver in the future.

According to O Sullivan, where they will begin to develop a "coherent and consistent policy measures for the conservation of European business interests in Iran, while protecting your investment from the USA sanctions".

"If the government of New Zealand obeys any sanction against Iran, it is not sanction against Iran it is a sanction against the New Zealand companies", Mr Mianji said. In a separate interview on CNN's "State of the Union, " he said Iran's economic condition is "really quite shaky, " so the impact of sanctions "could be dramatic".

The White House has incentivised the domestic oil industry to boost investment and expansion, thus matching Opec's supply cuts with supply increases. One of the reasons why the price of oil has been inching up has been, in fact, the prospect of losing Iran's oil supply.

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Mr. Le Maire said Friday that the EU should strengthen laws forbidding European companies from paying overseas fines for sanctions that clash with Europe's foreign-policy objectives. There is therefore a significant motive for the state to maximise its tax revenues from tariffs.

"A large part of the price slide, which saw [Brent] plunge from over $100 to below $30 a barrel as a result of the price war between OPEC and the USA shale oil industry that began in autumn 2014, has now been reversed", the analysts wrote in a note.

With U.S. motorists getting ready to hit the highway for the summer driving season, pump prices have been moving up sharply - topping $3 a gallon in several Western states, where transportation costs typically add to the retail price of motor fuel.

"In short, the micro drivers of the oil market remain positive, as long as global demand does not suffer from the ongoing threats of trade wars and policy uncertainty", Blanch said. The extra demand is helping to wipe out an oil glut that has plagued markets. Other explanations are being offered, such as depleted inventories, but given that it is the low maintenance season and follows on the heels of steel tariffs, eyebrows are lifting as investors mull the impact on oil prices.

Saudi Arabia, for instance, has the ability to crank up output.

"We could have pushed the Europeans a lot harder, to work with us, " Gates said on "Face the Nation".

"With stocks falling quickly during the course of the next 18 months, we would expect continued upside pressure on crude oil prices and see Brent averaging $75/bbl in 2019 compared to $70/bbl this year", BofA analysts noted, adding that a stronger dollar poses a risk to the high oil price forecast. Finally, Mr Trump's latest market bombshell is a turning point for the oil markets, which are now showing a marked bullish trend likely to have plenty of fuel from a host of supply and geopolitical concerns.

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