Iran has no intention of succumbing to US sanctions

Iran intends to resist the US sanctions and continue to sell its oil. This was stated by Iranian President Hassan Rohani in a televised statement.

The United States resumed sanctions on Iran from today, aiming to deter the Islamic Republic's efforts to develop its nuclear and missile program in the region. The Trump administration said on Friday it would give special access to a list, with the exception of eight institutions that could temporarily buy oil from Tehran even after the sanctions were imposed.

President Trump gave oil importers 180 days to curb their imports of Iranian oil after Trump withdrew from the Iranian nuclear deal in May.

State Secretary Mike Pompeo and Secretary Steven Mnuchin have refused to name the eight institutions or jurisdictions. Only South Korea has revealed that she is on the list of exceptions.

The oil price of nearly $ 77 fell to its current $ 63- $ 62 levels after the first indications of new sanctions began last month earlier. The strong downward move managed to overcome the two SMA 50 and SMA 200 midrange crawls and keep them underneath. For the moment, the price is moving with minimal deviations. If market participants have already priced in the implications of the sanctions, then we may see a slight correction of "black gold" in the medium term.

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