Japan's oil distributors plan to stop importing Iranian crude in October

Chart showing historical Iraq and Iran oil production

President Donald Trump ordered the reimposition of economic curbs after withdrawing the United States from a 2015 nuclear deal between Iran and six world powers.

In a speech on June 4, the Leader slammed European governments for expecting the Iranian nation to both tolerate sanctions and give up its nuclear activities, saying that the country can not remain in "nuclear custody" when the sanctions are still in place.

Oil prices fell on Thursday as emerging market woes weighed on sentiment, while a deadline neared for a potential new round of US tariffs on another $200 billion of Chinese goods.

His thoughts came as WTI crude oil exceeded $70 a barrel on Thursday, and rallied to one month highs. Japan's Fuji Oil Co. has effectively stopped buying crude from the Persian Gulf state because it's becoming hard to secure a ship to transport oil, according to a company spokesman.

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US crude was unchanged at $69.80/Bbl, Kallanish Energy reports. The US market was closed Monday for Labor Day. "U.S. producers are resisting temptation and exercising capital discipline, OPEC and Russian Federation have convinced market participants they are managing the supply of over half of global production, the U.S.is using sanctions more actively, and several key OPEC producers are at risk of being failed states".

Crude inventories fell by 1.17 million barrels to 404.5 million barrels in the week to August 31, while refinery crude runs rose by 198,000 barrels per day, the API data showed. For 2020, it said it expected Brent to average $75 a barrel, up from its previous forecast of $55.

Speaking to CNBC, energy expert John Kilduff said the price of oil could rise to $95 per barrel in just a few months, spurred by incoming Iran oil sanctions, amid an already tight production backdrop. The moves by the two top buyers of Iranian crude indicate that the Islamic Republic may not be fully cut off from global oil markets from November, when US sanctions against Tehran's petroleum sector are due to start.

Elsewhere, analysts from BNP Paribas have lowered their forecasts for oil prices for the rest of the year in light of stable demand-supply expectations. "We expect India and especially China to maintain some degree of imports, while buyers in Japan and Korea who've cut imports considerably will continue to aggressively seek waivers up till the last minute".

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