India's Iranian oil intakes jump to record high in July

India's Iranian oil intakes jump to record high in July

Iranian President Hassan Rouhani has warned the US against any attempt to stop Tehran's oil trade, threatening to block the strategically important Strait of Hormuz.

In a statement, Captain Bill Urban, the military's Central Command spokesman, said the United States was "aware of an increase" in Iranian naval operations in the Gulf, the Strait of Hormuz and the Gulf of Oman.

On the back of renewed tensions between Iran and the United States, the Islamic Republic's President Hassan Rouhani delivered a thinly-veiled threat to hamper oil shipments in the Gulf.

Iran Air announced it would take delivery of five ATR aircraft from the French-Italian firm on Sunday, sneaking under the wire before the sanctions return.

US officials told Reuters on Thursday that the United States believed Iran had started carrying out naval exercises in the Gulf, apparently moving up the timing of annual drills amid heightened tensions with Washington.

In May, the United States pulled out of a 2015 deal between world powers and Tehran under which worldwide sanctions were lifted in return for curbs on its nuclear program.

The controversial move was preceded by a deadly crush of Hajj pilgrims in September 2015, which killed more than 460 Iranians.

Germany's central bank is changing its terms and conditions to provide for deeper scrutiny of cash transfers, a move that comes as Iran seeks to repatriate cash held in a Hamburg-based bank and the U.S. presses allies to get tough on Tehran.

Washington's withdrawal from the landmark Iran nuclear deal was criticized across the world.

The Trump administration wants Iranian oil exports cut to zero by November 4.

Reuters reported last week that India's oil industry is preparing for a blanket cut in Iranian imports, although officials from the two countries continue to hold talks on the issue.

The exercise was held with aim of "controlling and maintaining the security of the worldwide waterway of the Persian Gulf and the Strait of Hormuz, and to proportionately counter any threats by the enemy", semiofficial Tasnim news agency reported.

But as Ritterbusch indicated, jittery traders could send prices in one direction or another based on whatever analytical theory makes headlines, and on Friday Helima Croft, global head of commodity strategy for RBC Capital Markets declared that the oil market will tighten shortly.

The US also said that it would exert "maximum economic and diplomatic pressure" on other countries to stop buying crude oil from Iran. He did not elaborate.

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