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Crude Oil Tumbles to Year Low as Iran Exports Oil to Private Buyers

Recalling the fact that back on November 5, the United States applied sanctions on Iran’s oil exports in response to their nuclear programs, WTI crude oil market gained bullish momentum on the news as Iran is the third biggest producer of OPEC.

But the recent stats are adding further bearish momentum in oil, especially after Iran’s oil minister was quoted as saying that “the private buyers of Iranian crude have had ‘no problems’ exporting it”, despite US sanctions targeting Iran’s oil exports.

For the moment, crude oil is on hold near $42.85 and it can rise towards $44.45. The violation of $42.35 can cause further sell-off until $40.55.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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