Oil

Oil extended its rally after the U.S. said it was preparing new sanctions against Iran. further escalating tensions between the two states.

Donald Trump signed an executive order to impose additional economic sanctions on Iran.

Oil rose to the highest level in more than three weeks as political tensions between the U.S. and Iran continued to simmer. with President Donald Trump announcing plans for further sanctions against the OPEC member.

Iranian security forces disbanded a team which had infiltrated into the oil ministry to persuade the high-ranking managers into making wrong decisions.

A full-fledged war between the US and Iran would immediately affect global crude prices. as the recent escalation of tensions in the Middle East has already shown. as the only question now is how high could crude go.

The National Iranian Drilling Company (NIDC) successfully spudded 28 oil and gas wells over the first three months of the current calendar year. which began on March 21.

Construction of platforms 7 and 8 of Hendijan offshore oilfield has made 90 percent progress.

Oil tanker owners are raising the prices they charge to export Middle East crude as tensions surge in a region that accounts for about a third of all seaborne petroleum shipments.

Iran’s budget counts on raking in around $30 billion from oil and gas condensate exports.

The price of oil spiked on Thursday just hours after a US spy drone violating Iranian airspace was shot down by the Islamic Revolution Guards Corps (IRGC) close to the Strait of Hormuz.