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Oil starts the week with gains, Trump prepares sanctions against Iran

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Oil starts the new week with rises, as "black gold" finds support for renewed tensions between the US and Iran. The US is preparing new sanctions against the Islamic state, which are yet to be formally imposed.

WTI futures are up by about 0.5%, and last week total oil rose 9.4%, the strongest weekly rise in two years. Mike Pompeo said the administration is about to impose "new and significant sanctions" against Iran, which can be imposed as early as Monday. Donald Trump, however, said he was ready to start talks with the Iranian government.

Last Friday, the President of the United States canceled at the last minute a military action against targets on Iranian territory after the Iranian National Guard earlier removed an American intelligence drones. Trump said he was "not in a hurry" with his response to the situation.

Source: Bloomberg Finance L.P.

Graphs: Used with permission of Bloomberg Finance L.P.


 Trader Martin Nikolov

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