SMM News: the latest US sanctions against Iran are no longer limited to words.
According to Xinhua News Agency, the White House issued a statement on the evening of the 5th saying that the United States is deploying the USS Abraham Lincoln battle group and a bomber task force to the Middle East in response to Iran's recent "warning" to the United States.
Earlier, Iran said it would close the Strait of Hormuz, an energy artery, if the United States tried to block its oil exports.
According to the Los Angeles Times reported on the 5th, the United States sanctions have pushed Iran's economy into a deep recession, the inflation rate is close to 40%; The latest oil sanctions will cost Iran at least $10 billion in revenue, forcing its economy to shrink by 6 per cent this year.
Iran uses "Grey Market" to circumvent US sanctions
Iran's semi-state media Tasneem News Agency reported on the 1st that Iran's supreme leader Ali Khamenei made a statement at a gathering on the same day, demanding that the whole of Iran respond to the US offensive against Iran in various fields with a "combat posture."
Iranian state media quoted Amir Hossein Zamaninia, deputy minister of oil, as saying on the 5th that Iran has used all its resources to sell oil in the "grey market" to circumvent US sanctions against Iran, which are considered illegal by the Iranian government.
The Zamaninia did not disclose details of the "grey market", but during the sanctions in the early part of the last decade, it was widely reported that Iran sold oil at large discounts, often through private companies.
The United States announced in May last year that it would withdraw from the comprehensive agreement on the Iranian nuclear issue and gradually resume sanctions against Iran suspended as a result of the agreement. From May 2 this year, the United States will no longer grant sanctions and exemptions for some countries and regions to import Iranian oil, in order to completely ban Iranian oil exports. On May 3, the United States announced that it would tighten restrictions on Iran's nuclear activities.
Tensions between Tehran and Washington have raised concerns about security in the Strait of Hormuz. The Strait of Hormuz is an important strategic waterway through which about 20 per cent of the world's total oil and 35 per cent of the world's ship oil exports are transported and exported. If the United States tries to block Iran's oil exports, Iranian officials have repeatedly threatened to shut down the energy artery.
Hidden worries at both ends of supply and demand in crude Oil Market in May
International crude oil futures prices, which have tightened the global market, fell sharply in May.
As of 16:07 Beijing time, WTI crude oil futures fell as much as 2.15% to $60.69 a barrel. It has fallen about 5 per cent since may.
Brent crude oil futures fell more than 2.5% to $69.56 a barrel on the same day. It has fallen about 4 per cent since may.
In response to the decline in international crude oil, Wall Street exclusive members have written that the crude oil market has shown some signs of deterioration on both sides of supply and demand, resulting in the recent sharp accumulation of crude oil stocks and the fall in oil prices.
On the supply side, while Iran's crude oil exports have been hit, both Russia and the United States are showing signs of increasing production.
On the demand side, the manufacturing PMI of the world's major economies has fallen short of expectations, and concerns about international demand for crude oil are starting to hit the market again.
It is worth mentioning that international crude oil is the world's best performing asset in the first four months of this year. In local currency terms, WTI crude topped the list with a positive return of 40.7 per cent, followed by cloth oil in second place.
In April alone, cloth oil and WTI crude oil ranked fourth and fifth among all major assets, respectively.