India to Continue Iranian Oil Imports after US Sanctions

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"Legal experts and directors of the governmental and the private sectors, especially in the Health Ministry, and all people who witness violation of the ICJ's ruling are needed to present their proofs on the violation cases to be raised at the main sessions of the court on Iran-U.S. dispute", Laya Joneidi said, addressing a forum in Tehran on Sunday.

Hedge funds cut their bullish wagers on USA crude in the latest week to the lowest level in almost a year, data showed on Friday.

During the previous round of sanctions, India had continued importing Iranian oil although purchases were cut significantly to safeguard itself from the United States financial system.

US West Texas Intermediate (WTI) crude futures were up 55 cents, or 0.7 percent, at $74.88 a barrel.

Kenyatta University economics lecturer Francis Omondi predicts that Brent crude oil prices will reach the $100 per barrel mark before the end of the year, which last happened in 2014, when the prices reaching $112.

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Since January 2016, when the crude oil price hit an all-time low of $28.06 per barrel, the Kenyan economy has been cushioned from external shocks through a smaller petroleum products import bill, which stood at $560 million mid a year ago.

Both benchmarks were on track for a weekly gain of about 2 percent.

In May, Trump withdrew from a multilateral nuclear deal with Iran and he re-imposed sanctions against Tehran.

US President Donald Trump's administration is considering sanction waivers for countries that are reducing their imports of Iranian oil, a US government official said on Friday.

Around 10 million barrels of oil was imported from Iran by Indian refiners, though the shipments in November are expected to be lower.

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"[The United States] shall remove by means of its choosing any impediments arising from the measures announced on May 8 to the free exportation to Iran of medicines and medical devices, food and agricultural commodities [and aircraft parts]", read a statement by the ICJ. Indeed, just recently, China - which like Russian Federation had vowed to aid Iran in resisting USA sanctions - "caved" to US pressure, after its top oil importer Sinopec announced last week that it would reduce its Iranian oil imports by half.

USA bank Jefferies said there was enough oil to meet demand, but "global spare capacity is dwindling to the lowest level that we can document".

However, Goldman Sachs says the rally may not last.

The US president has been putting pressure on Opec's largest producer Saudi Arabia to pump more, even going as far as threatening the military alliance between the two countries that has underpinned the balance of power in the Persian Gulf for decades.

"The request that America made to Saudi Arabia and other OPEC countries is to be sure that if there is any loss of supply from Iran, that we will supply that", Muhammad Bin Salman, heir to the Saudi throne, told Bloomberg in an interview published on October 5.

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