Protesters in Iran attack seminary, break windows

Randal Sanchez
August 5, 2018

But as the new Indian fiscal year began in April, refiners have been taking more Iranian oil imports compared to the previous fiscal year, as Iran offered incentives such as extended credit periods and nearly free shipping to keep its market share in India-Tehran's second-largest oil customer after China.

Between April and July India's oil imports from Iran has risen by an annual 40% to about 677 500 bpd, the data showed.

In return, United Nations-approved sanctions were lifted, and Iran was allowed to resume trading oil and gas on the global market.

President Donald Trump of the United States of America had also informed that he is willing to meet with Rouhani over Tehran's oil ban without preconditions.

Tamar Essner, an analyst at Nasdaq Inc., said there are "no signs whatsoever that this trade war is going to clear up anytime soon", and that has "caused investors to continue to trim net length, take profits, and de-risk that position with the sense that oil's upside is limited unless there's material reduction in Iranian barrels".

Since President Donald Trump announced in May that the USA would be withdrawing from the Iran nuclear deal and restoring sanctions on the country, Washington officials have attempted to convince foreign governments to stop importing Iranian oil.

The controversial move was preceded by a deadly crush of Hajj pilgrims in September 2015, which killed more than 460 Iranians. Hormuz is the place they can transfer that pain to the rest of the world.

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The Iranian riyal is down 25% against the dollar. Some protesters have shouted "Mullahs get lost!" and "Death to the dictator!" the semi-official Fars news agency has reported.

The US administration has vowed to impose sanctions on any company continuing to buy oil from Iran after the November 4 deadline.

Iran is one of India's top suppliers of crude oil.

The strait connects the Persian Gulf to the Arabian Sea.

Trump unilaterally withdrew the USA from the multilateral deal with Iran in May and announced plans to reimpose sanctions on the Islamic Republic, that would eliminate Tehran's oil revenues.

The exercise was held with aim of "controlling and maintaining the security of the worldwide waterway of the Persian Gulf and the Strait of Hormuz, and to proportionately counter any threats by the enemy", semiofficial Tasnim news agency reported.

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