Gold Silver Reports (GSR) – The US official reimpose sanctions on Iran today in a move that will cut global oil supply. The news was accompanied by a presidential tweet.
The news was expected and the real story will be how the rest of the world reacts. European leaders want to continue the Iran deal but their companies face US sanctions if they do, as Trump alludes to.
The Iran sanctions have officially been cast. These are the most biting sanctions ever imposed, and in November they ratchet up to yet another level. Anyone doing business with Iran will NOT be doing business with the United States. I am asking for WORLD PEACE, nothing less!
— Donald J. Trump (@realDonaldTrump) August 7, 2018
For the oil market, this was expected and WTI is up 53-cents to $69.53. The high was $69.83 but that area also capped gains on Friday.
In the bigger picture, oil is consolidating around $67 as the market tries to sort out how much of Iran’s oil will make it out. – Neal Bhai Reports
