Iran Guards says it held Gulf drills as US tensions rise

Iran Guards says it held Gulf drills as US tensions rise

As reported by Reuters, India's monthly oil imports from Iran grew by approximately 30% to a record 768 000 bpd in July, according to preliminary tanker arrival data obtained by Reuters.

Tensions between Washington and Beijing show no signs of easing, with the Asian giant announcing Friday that it has prepared a list of US$60 billion worth of United States goods to hit with tariffs in retaliation for duties proposed by the Trump administration.

The Iranian rial has dropped to a record low amid growing concerns about renewed US sanctions, which kick in on Monday.

Iran's oil exports could fall by as much as two-thirds by the end of the year because of the USA sanctions, putting oil markets under strain amid supply outages elsewhere in the world.

While the US failed to persuade Beijing to stop importing Iranian oil, the Chinese government did say it would not increase the imports, according to Bloomberg, which cited two anonymous officials "familiar with the negotiations".

Among the top importers of Iranian oil are China, India, Turkey and South Korea.

A State Department official confirmed Francis Fannon, assistant secretary of state at the US Bureau of Energy Resources, was recently in China to discuss Iranian 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.

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The US is due to impose a series of new sanctions on Iran in the next few months.

The activity extended to the Strait of Hormuz, a strategic waterway for oil shipments the Revolutionary Guards have threatened to block.

Iran acquired five new commercial aircraft on Sunday, a day before the US begins restoring sanctions that had been lifted under the 2015 nuclear accord with world powers.

Last month, United States officials familiar with the matter said the Trump administration had launched a communications campaign to foment unrest and put pressure on Iran to end its nuclear programme and its support of armed groups.

China has rejected USA requests to cut Iranian oil imports, damaging Washington's efforts to isolate Tehran. The waterway separating Iran and Oman hosts about 20 percent of the global trade in oil.

"China will continue to cooperate with Iran adhering to its worldwide obligations".

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.

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