Column: Looming loss of Iranian crude is latest in a long line of disruptions - Russell | Reuters:
If there was any hope of an early resolution to the reanimated dispute between the United States and Iran, it was extinguished by the testy exchanges between the countries’ leaders at the United Nations.
U.S. President Donald Trump promised more sanctions against what he called the “corrupt dictatorship” in Tehran, while his Iranian counterpart Hassan Rouhani responded by saying his rival suffers from a “weakness of intellect.”
For oil markets, this seems to lock in the loss of Iranian crude supplies when the U.S. sanctions ramp up in November, although there is still some doubt as to exactly how much the Islamic Republic’s usual exports of some 2.1 million barrels per day (bpd) will be sidelined.
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