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US Imposes a Host of Sanctions on Iran Over Saudi Aramco Attack

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Written By: Eno Eteng (MSTA)

Sep 20, 2019, 16:47 BST 16:47

oil prices

Summary:

The US has announced a range of sanctions on Iran over the attacks on Saudi Aramco, including sanctions on the Iranian National Bank.

US President Donald Trump has said that the US as imposed sanctions on Iranian National Bank, stating that these are the highest set of sanctions ever imposed on a country. The US Treasury Secretary Mnuchin has also backed up this statement, saying that the latest round of sanctions are “very big” and have effectively targeted the last source of external finance for Iran. However, President Trump was silent on whether any military action on Iran was on the table.

Secretary Mnuchin further confirmed that sanctions have also been placed on the Iranian Sovereign Wealth Fund as well as on Etemad Tejarate Pars Co, a company accused of being a front for concealing cash transfers for Iranian defense purchases.

Saudi Arabia’s King Salman has also lent his voice to the mix, saying that Saudi Arabia would “take appropriate action” after the attack probe.

Crude oil price has largely ignored these remarks and is currently trading at $58.72 as at the time of writing.

Written By: Eno Eteng (MSTA)

Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about stocks, Forex, and CFDs. Since 2009, he has consulted several financial companies as a trader and strategy developer. His work can be seen on several forex blogs and trading educational websites.