Oil hits 2019 high near $75 as US tightens sanctions squeeze on Iran - business live
(The Guardian Business News)

Brent crude heads towards $75 per barrel as US announces plans for a complete oil embargo on Iran.Introduction: Brent hits 2019 highWashington to end sanctions waivers for 10 countries, including India and ChinaAnalyst: US aiming for `death blow´Full story: US ending exemptions from oil sanctions 11.13am BST The jump in oil stocks means Britain´s FTSE 100 is holding onto its six-month high, but other European markets have dipped.The lack of direction at the start of the week isn´t surprising given the quiet bank holiday weekend but thankfully, things should pick up. Earnings season has got off to a better than expected start and we have a large number of companies reporting over the next few days.It´s still expected to be a challenging quarter for the corporates but the bar has been sufficiently lowered which may allow them to get through the season relatively unscathed. We´re certainly off to a good start on that front with US markets very close to record highs. 10.49am BST Peter Kiernan, lead energy analyst at the Economist Intelligence Unit, argues that Donald Trump is taking a risk by escalating the sanctions on Iran.The Trump administration is banking on being able to curtail Iran´s oil export revenue as much as possible, while hoping that the impact on the oil market will be limited by Saudi Arabia being able to release additional supply. Trump officials say it is seeking to maximise pressure on Iran until it returns to the negotiating table.However, many of the political demands the Trump administration has on Iran, which go well beyond the nuclear issue, are unlikely to be conceded by the Islamic Republic, meaning that a long standoff is on the cards. Continue reading...