The focus on Tuesday is separated between three categories:
- Oil prices and exemptions
- European’s “clearing house”
- The unwillingness of Erdogan to abide by the US sanctions
NDTV focuses on President Trump defending his decision to give temporary waivers to eight countries, saying it was done to keep oil global prices down, so that there is not a shock in the world market.
MarketWatch claims that oil declined Tuesday, sending U.S crude futures down for a seventh consecutive session- the longest losing streak in nearly 20 months. It also talks about Trump and his will to “go a little bit slower” when it comes to sanctions on Iranian oil because he doesn’t walk to drive up oil prices. JMMC officials monitor implementation of crude output agreement that began on Jan. 1, 2017 between members and nonmembers. West Texas Intermediate Crude for December fell 1.4%, to settle at $62.21 a barrel on the New York Mercantile Exchange. January Brent crude fell 1.4%, to $72.13 a barrel on ICE Futures Europe.
CBC highlights the fact that although the fresh round of sanctions the U.S. imposed on Iran Monday threatens to close off all channels of international banking to the regime, it is unlikely to affect Canadian businesses.
Giving eight countries waivers to continue to buy oil from Iran may be a strategy to give those partners time to develop new sources of oil, or just not to upset the stability in the international oil markets, according to Ian Lee, an expert in international trade and associate professor at Carleton University’s Sprott School of Business in Ottawa.
The Guardian explains in detail about the European ‘clearing house’, which will allow European companies trading with Iran to bypass newly imposed US sanctions. It will possibly be set up in France or Germany.
Al Jazeera represents Turkey’s opinion expressed by President Recep Tayyip Erdogan and Foreign Minister Mevlut Cavusoglu. Erdogan states that US sanctions are wrong and are aimed at unbalancing the world, while Mevlut Cavusoglu thinks that it is dangerous to isolate Iran, pointing out that “instead of sanctions, meaningful dialogue and engagement is much more useful.”
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