US President Donald Trump has said that the US as imposed sanctions on Iranian National Bank, stating that these are the highest set of sanctions ever imposed on a country. The US Treasury Secretary Mnuchin has also backed up this statement, saying that the latest round of sanctions are “very big” and have effectively targeted the last source of external finance for Iran. However, President Trump was silent on whether any military action on Iran was on the table.
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Secretary Mnuchin further confirmed that sanctions have also been placed on the Iranian Sovereign Wealth Fund as well as on Etemad Tejarate Pars Co, a company accused of being a front for concealing cash transfers for Iranian defense purchases.
Saudi Arabia’s King Salman has also lent his voice to the mix, saying that Saudi Arabia would “take appropriate action” after the attack probe.
Crude oil price has largely ignored these remarks and is currently trading at $58.72 as at the time of writing.Download our latest quarterly market outlook for our longer-term trade ideas.
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