Latin America Energy, Oil and Gas, News and Information

Latin America Energy, Oil and Gas, News and Information

Iran's Revolutionary Guards confirmed on Sunday it had held war games in the Gulf over the past several days, saying they were aimed at "confronting possible threats" by enemies, the state news state news agency IRNA reported.

Iran has started naval exercises in the Gulf amid heightened tensions with Washington, US officials have revealed.

The move comes as President Donald Trump has directed US Trade Representative Robert Lighthizer to consider increasing proposed tariffs on US$200 billion in Chinese goods to 25 per cent from 10 per cent.

Ahead of the return of the USA sanctions on Iran, India's state refiners boosted their Iranian oil purchases, pushing up Indian oil imports from Iran by 30 percent from June, to a record 768,000 bpd in July, Reuters reported on Thursday, citing preliminary tanker arrival data it had obtained from trade sources.

As an original signatory, the USA also pledged to waive secondary sanctions as long as Iran continued to abide by the deap.

Iranian protesters have attacked a religious school in Karaj province near Tehran, a conservative Iranian news agency has said, as sporadic protests simmered ahead of the reimposition of United States sanctions.

The Trump administration argued that the nuclear deal, which lifted some economic sanctions in exchange for restrictions on Tehran's nuclear program, was fatally flawed because it didn't address the country's destabilizing behavior or limit its development of ballistic missiles, among other things.

Washington also imposed a series of additional sanctions on Iranian entities and individuals, as well as foreign companies in Iran, squeezing Iran economically.

From Iran, it said it would block off the Strait of Hormuz if it's isolated from the global oil market.

In June, the USA state department said that countries buying oil from Iran should bring down to zero their Iranian crude imports by the time Washington re-imposes sanctions on November 4.

China's Unipec, the trading arm of Sinopec, has suspended crude oil imports from the United States.

The U.S., which withdrew from the nuclear deal in May, will re-impose some sanctions on Iran starting Monday.

Also last month, China, which is Iran's biggest customer, said it did not accept unilateral sanctions against Iran.

In April-July, the first four months of this fiscal year, India's oil imports from Iran has risen by an annual 40 percent to about 677,500 bpd, the data showed. That's "caused investors to continue to trim net length, take profits and de-risk that position with the sense that oil's upside is limited unless there's material reduction in Iranian barrels".

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