Companies buying Iranian oil must stop all these purchases completely by the beginning of November, and if this does not happen they will suffer serious sanctions on the part of the US government. This was stated minutes ago by a senior State Department official.
Oil rose nearly 2% against the news, and I expect the increase to continue. As for US energy companies, we can expect price stabilization as they will accumulate profits from high oil prices and will have to make additional costs for switching suppliers.
Source: CNBC
Chart: Used with permission of Bloomberg Finance L.P.
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