Oil prices gained nearly 3 percent on Tuesday, supported by OPEC-led production cuts, which Saudi Arabia said it would surpass by more than half a million barrels per day (bpd), and by US sanctions against Iran and Venezuela.
Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati says Japan has restarted importing crude oil from Iran, with Fuji Oil loading the first such cargo since the United States granted Tokyo waiver over renewed sanctions on the Islamic Republic's energy sector.
The United States is due to announce its largest package of sanctions against North Korea to pressure the country into giving up its nuclear and missile programs, as South Korea readies itself for further talks with its leaders.
Turkey’s President Recep Tayyip Erdogan argued that his country did not break a trade embargo on Iran as it hadn’t committed to abide by US sanctions, and there were no United Nations restrictions in place, the Hurriyet newspaper reported on Friday.
With Iranian-Americans abroad unable to send money directly to Iran to aid those affected by this week's powerful earthquake that killed over 430 people, criticism of US sanctions on Iran flared up anew on Thursday.
The United States has imposed sanctions on eleven companies or individuals from China, North Korea or the United Arab Emirates for transferring technology to Iran that it claimed could boost the country’s ballistic missile program.