Global Geopolitical Series: U.S. works to bring Iran’s oil exports to halt after sanctions

U.S. diplomats are all over the world working a bit extra to make President Trump’s sanctions on Iran to work. Despite protest from all members to the deal, U.S. President Donald Trump pulled the country out of the Iran nuclear agreement and now, U.S. sanctions are ready to be re-imposed again. The very first tranche of the sanctions will be re-imposed on Iran beginning August, with the rest being implemented by the end the year.

According to reports earlier this week, the United States has been urging its allies across the world to stop importing Iranian oil by November this year. The reports were somewhat confirmed as the U.S. ambassador to the United Nations, Nikki Haley visited India and met with Prime Minister Narendra Modi to discuss looming sanctions on Iran. India is the second largest buyer of Iranian crude after China and had previously announced that the country will not be obeying any unilateral sanctions imposed by any country, but the U.N. resolutions only. After the meeting it was announced that India and the United States would soon have a broad strategic discussions and there are political will from both sides to work it out.

As of June, Iran is exporting around 2.2 million barrels per day to global markets.  Brent is currently trading at $78.4 per barrel.