DUBAI, United Arab Emirates- Irans API Group I base oil exports face renewed pressure as the United States lobbies key allies to cease all imports of Iranian oil ahead of a Nov. 4 deadline for U.S. sanctions to be reinstated.
Analysts say the escalation in rhetoric is fueling unease over regional base oil shipments as U.S. President Donald Trump ratchets up pressure on the Islamic Republic. Trade discussions and actual cargoes are believed to still be moving, yet the market remains cautious, and uncertainty is the keyword, said Izham Ahmad, markets editor at ICIS. The increase in tensions comes amid domestic civil unrest and a 40 percent fall in the value of the rial following the U.S. decision to quit the 2015 Joint Comprehensive Plan of Action, a deal brokered between the U.S. and five major powers to limit Irans nuclear ambitions.
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