Oil Slides on Iran Sanctions, and Cease Fire News in the Middle East

Iran’s Hassan Rouhani said the U.S. offered to remove sanctions in exchange for negotiations.  However, that doesn’t appear to have been the case at all.  

In fact, President Trump just refuted those claims, sending oil prices higher.

“The German chancellor, the prime minister of England (Britain) and the president of France were in New York and all insisted that this meeting take place. And America says that it will lift the sanctions,” Rouhani said, as quoted by CNBC.  “It was up for debate what sanctions will be lifted and they (the United States) had said clearly that we will lift all sanctions.”

The U.S. State Department also called the Iranian report “baseless,” noting the U.S. is still committed to no oil exports from that country.  

Oil Under Pressure on Saudi Ceasefire with Yemen

Oil also came under pressure after a Wall Street Journal report that Saudi Arabia is imposing a partial ceasefire in Yemen.  The move comes after Houthi forces declared a unilateral ceasefire in Yemen after they claimed responsibility for the September 14 attacks. 

“Houthi leaders initially said they were responsible for the attack on the oil facilities, but Saudi, U.S. and European officials have dismissed the claims as a transparent attempt to obscure Iran’s role in the strike. Yemeni fighters, these officials say, have neither the weapons nor the skills to carry out such a sophisticated strike. In the days that followed the attack, an internal Houthi rift expanded between those who want to distance themselves from Iran and those who want to strengthen ties,” as quoted by Zero Hedge.

Should the cease fire fall apart, oil could race higher.

In the Middle East, things can change in an instant.  

Stay tuned for more on this breaking story.