Oil Rises After Best Week Since 2016 on New Trump Iran Sanctions

Pompeo arrives in Saudi Arabia as Iran threatens U.S. drones

U.S. President Donald Trump's administration renewed sanctions against Iran a year ago over its nuclear program, although some buyers were allowed to continue taking limited volumes of Iranian oil under a six-month waiver.

Trump told reporters he was signing a presidential order for the sanctions.

But with little left to sanction, added punishments would be mostly symbolic and "risk Iran escalating in retaliation", Harrell said.

The sanctions are expected to target Iran's supreme leader as part of the response to the country shooting down an American surveillance drone in global waters.

He added that the sanctions were a "strong and proportionate response to Iran's increasingly provocative actions".

The Trump administration hopes its "maximum pressure" campaign will force Iran to renegotiate a nuclear deal that also constrains its activities in the region.

President Donald Trump said on June 24 that foreign countries should protect their own oil tankers in the Middle East, suggesting that other countries have been relying too heavily on the United States to ensure the safe passage of their oil around the world without giving back.

But Iran's Navy chief is warning that the regime would shoot down more USA drones.

The sanctions are aimed at denying Iran's leadership access to financial resources, blocking them from using the United States financial system or having access to any assets in the United States.

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He said that the new action was in response to Iranian escalations in the Gulf, including the downing of a U.S. drone last Thursday.

Iran's navy chief warned earlier that other drones would be downed if USA intrusions into Iranian airspace continue.

The US denies the drone, valued at more than $100 million, violated Iranian airspace.

"We confidently say that the crushing response can always be repeated, and the enemy knows it", Rear Admiral Hossein Khanzadi was quoted as saying by Tasnim news agency.

The penalties won't have a significant impact on a country that's already in recession and facing heavy sanctions from the U.S. Still, the new restrictions serve as symbolic reprimand for the attacks, according to former Treasury officials. His administration is aiming to cripple Iran's economy and force policy changes by re-imposing sanctions, including on Iranian oil exports. Hopes that China and the USA will restart trade negotiations have also aided prices, with Trump set to meet with Chinese President Xi Jinping at the G-20 summit in Japan this week. Media asked if the claimed cyber attacks against Iran are true.

Allies of the United States have been calling for steps to decrease tensions, saying they fear a small mistake by either side could lead to war.

"We'd love to be able to negotiate a deal", Trump said.

Earlier this month, U.S. Secretary of State Mike Pompeo said that the U.S. wants to deliver more liquefied natural gas (LNG) and crude oil to India.

"Productive meeting with King Salman bin Abdulaziz Al Saud today to discuss heightened tensions in the region and the need to promote maritime security in the Strait of Hormuz", he wrote.

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