Oil rises as US renew sanctions against Iran

Oil Tanker in Iran

Iranian President Hassan Rouhani said he had support from the Europeans, China and Russian Federation in regard to a United Nations -backed nuclear agreement that offers sanctions relief in exchange for peaceful commitments from Tehran.

Spot Brent crude oil futures were at $74.08 per barrel at 0624 GMT, up 33 cents, or 0.4 percent, from their last close.

"It certainly is a reminder to everyone that the U.S.is serious about sanctions, and it's doubtful they will grant waivers", said John Kilduff, partner at Again Capital Management in NY.

The first round of renewed U.S. sanctions will take effect on Tuesday with the harshest sanctions, potentially targeting Iran's oil industry, expected to return in early November. Starting in July, South Korea is halting Iranian oil imports for the first time since 2012 amid pressure from the United States to discontinue purchases from Iran.

"The U.S. sanctions against Iran apply to the purchase of U.S. dollars and might therefore already impact Iranian oil exports", added Giovanni Staunovo, a commodity analyst for UBS. With U.S. sanctions snapping back on Tuesday, however, U.S. President Donald Trump said any company working with Iran would be isolated.

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US West Texas Intermediate (WTI) crude futures were up 20 cents, or 0.3 per cent, at $69.21 barrel.

That came despite a pledge by the Saudis and top producer Russian Federation in June to raise output from July, with Saudi Arabia promising a "measurable" supply boost.

Many countries, including US allies in Europe as well as China and India, oppose the sanctions, but the USA government said it wants as many countries as possible to stop buying Iranian oil.

French bank Societe Generale said there was now a "comfortable supply" in physical crude markets, but noted "Iran sanctions will take another 1 million bpd off the markets".

Output was expected to rise 1.31 million bpd to 10.68 million bpd in 2018, lower than last month's forecast of growth of 1.44 million bpd to 10.79 million, the EIA said.

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This is not about bombarding the market with oil and pushing the price into the $50s, it is about preparing the market and easing the transition, he said. US Eastern time (0401 GMT) on Tuesday.

Platts reported that an increase in US crude oil supplies is in part behind the drain in inventories.

Analysts also warned that a global heatwave could affect oil demand.

"With global demand remaining healthy and the global heatwave increasing oil demand, I think prices will remain well-supported in the near term", Hussein Sayed, chief market strategist at FXTM, said.

This mostly impacts demand for power fuels such as thermal coal and natural gas.

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