Iran: US Sanctions on Iran Drive Oil Prices Higher

Aug 7, 2018 | Daniel J. Graeber, United Press International
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Sanctions on Iran and additional support from signs of declining oil inventories in the United States pushed the price of oil higher early Tuesday. Iranian President Hassan Rouhani said he had support from the Europeans, China and Russia in regard to a U.N.-backed nuclear agreement that offers sanctions relief in exchange for peaceful commitments from Tehran. With U.S. sanctions snapping back on Tuesday, however, U.S. President Donald Trump said any company working with Iran would be isolated.