MY TAKE: Talk is cheap and oil traders don't believe that Team Biden will do anything that might raise gasoline prices this year.
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White House National Security Advisor Jake Sullivan released a statement Tuesday announcing that new sanctions will be placed against Iran in the wake of the regime's attacks against Israel last weekend.
The new sanctions come amid Republican criticism of the Biden administration for purportedly not being tough enough on Iran, after the White House extended a waiver that allowed Iran to access to $10 billion of previously escrowed funds in November 2023.
In a press release, Sullivan announced that President Biden is "coordinating with allies and partners, including the G7, and with bipartisan leaders in Congress, on a comprehensive response."
New sanctions against Iran
New sanctions against Iran
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: New sanctions against Iran
Israeli Prime Minister Benjamin Netanyahu left no doubt in a statement on Wednesday, regarding what his Jewish country might do should current tensions with Iran escalate further.
"Israel will do whatever it needs to defend itself," Netanyahu said in a statement.
The comment came after separate meetings with British Foreign Secretary David Cameron and Germany’s Foreign Minister Annalena Baerbock in Israel on Wednesday, where the ministers discussed actions Israel could pursue to retaliate for Iran’s unprecedented, direct attack on Israel over the weekend.
"They have all sorts of suggestions and advice. I appreciate that. But I want to be clear: Our decisions we will make ourselves," the prime minister added.
During the meeting, Baerbock said escalation "would serve no one, not Israel's security, not the many dozens of hostages still in the hands of Hamas, not the suffering population of Gaza, not the many people in Iran who are themselves suffering under the regime, and not the third countries in the region who simply want to live in peace," Reuters reported.
Netanyahu's comment also comes just hours after Iran’s president has vowed to completely destroy Israel, should it proceed with even the "tiniest invasion" of its country.
"Israel will do whatever it needs to defend itself," Netanyahu said in a statement.
The comment came after separate meetings with British Foreign Secretary David Cameron and Germany’s Foreign Minister Annalena Baerbock in Israel on Wednesday, where the ministers discussed actions Israel could pursue to retaliate for Iran’s unprecedented, direct attack on Israel over the weekend.
"They have all sorts of suggestions and advice. I appreciate that. But I want to be clear: Our decisions we will make ourselves," the prime minister added.
During the meeting, Baerbock said escalation "would serve no one, not Israel's security, not the many dozens of hostages still in the hands of Hamas, not the suffering population of Gaza, not the many people in Iran who are themselves suffering under the regime, and not the third countries in the region who simply want to live in peace," Reuters reported.
Netanyahu's comment also comes just hours after Iran’s president has vowed to completely destroy Israel, should it proceed with even the "tiniest invasion" of its country.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: New sanctions against Iran
Wall Street traders believe the war is over...
https://www.cnbc.com/2024/04/17/us-crude-oil-falls-below-85-as-traders-discount-iran-israel-war-risk.html
https://www.cnbc.com/2024/04/17/us-crude-oil-falls-below-85-as-traders-discount-iran-israel-war-risk.html
Re: New sanctions against Iran
From Reuters: US to hit Iran with new sanctions in "coming days", Yellen says
U.S. Treasury Secretary Janet Yellen on Tuesday warned that the U.S. intends to hit Iran with new sanctions in coming days over its unprecedented attack on Israel, and these actions could seek to reduce Iran's capacity to export oil.
"With respect to sanctions, I fully expect that we will take additional sanctions action against Iran in the coming days," Yellen said told a news conference on the sidelines of the International Monetary Fund and World Bank spring meetings in Washington.
"We don't preview our sanctions tools. But in discussions I've had, all options to disrupt terrorist financing of Iran continue to be on the table," Yellen added.
She said that the Treasury and State Department have taken previous action to contain Iran's "destabilizing" behavior by diminishing its ability to export oil. < What exactly has Team Biden done to "diminish Iran's ability to export oil???
"Clearly, Iran is continuing to export some oil. There may be more that we could do. I don't want to preview our actual sanctions activities, but certainly that remains in focus as a possible area that we could address."
Treasury was working to enlist the aid of China, G7 partners and other major global suppliers to erode Iran's ability to continue to export oil and to get the microelectronics needed for the drones it used to attack Israel and was selling to Russia, a senior Treasury official told reporters. < China is not getting over 90% of the oil being exported by Iran. Why would they help us???
The official said a jump in oil prices had been driven mainly by geopolitical uncertainty, not U.S. sanctions, and noted that past sanctions had not led to oil price increases.
"We're going to have conversations with all major suppliers around the world. That includes countries in the G7; that includes China. All of these countries have to play a role in constraining Iran's ability to get access to the goods they are using to build weapons," the official said.
In prepared remarks, Yellen said Iran's attack on Israel last weekend and its financing of militant groups in Gaza, Lebanon, Yemen and Iraq threatened stability in the Middle East and could cause economic spillovers.
The United States is using financial sanctions to isolate Iran and disrupt its ability to fund proxy groups and support Russia's war in Ukraine, Yellen said.
Treasury has targeted more than 500 individuals and entities connected to terrorism and terrorist financing by the Iranian regime and its proxies since the start of the Biden administration in January 2021, Yellen said.
That has included targeting Iran's drone and missile programs and its financing of the Palestinian militant group Hamas, the Houthis in Yemen, Hezbollah in Lebanon, and Iraqi militia groups, she said.
"From this weekend's attack to the Houthi attacks in the Red Sea, Iran's actions threaten the region's stability and could cause economic spillovers," Yellen said, without giving details.
Iran on Saturday launched more than 300 drones and missiles against Israel, its first direct attack on the country, in retaliation for a suspected Israeli air strike on its embassy compound in Damascus on April 11 that killed elite military officers.
Israel's military said that it shot down almost all the drones and missiles, and that the attack caused no deaths, but the situation has increased fears of open warfare between the longtime foes.
In Gaza, more than 33,000 Palestinians have been killed in the Israeli offensive launched against Hamas after the group attacked Israel on Oct. 7, killing 1,200 people and taking 253 hostages, according to Israeli tallies.
Yellen said Washington was continuing to use economic tools to pressure Hamas, but said Treasury was emphasizing that its sanctions should not impede life-saving aid.
She called for urgent action to end Palestinian suffering in the narrow enclave, noting that Gaza's entire population of more than 2 million people was facing acute food insecurity and that most of the population had been displaced.
"It is incumbent on all of us here at these meetings to do everything in our power to end this suffering," she said.
Yellen noted that Washington was also using sanctions to target extreme settler violence in the West Bank, while working to ensure a functioning banking system there and supporting IMF programs in Jordan and Egypt.
(Reporting by Andrea Shalal and David Lawder; Editing by Gerry Doyle and Chizu Nomiyama)
Reuters
U.S. Treasury Secretary Janet Yellen on Tuesday warned that the U.S. intends to hit Iran with new sanctions in coming days over its unprecedented attack on Israel, and these actions could seek to reduce Iran's capacity to export oil.
"With respect to sanctions, I fully expect that we will take additional sanctions action against Iran in the coming days," Yellen said told a news conference on the sidelines of the International Monetary Fund and World Bank spring meetings in Washington.
"We don't preview our sanctions tools. But in discussions I've had, all options to disrupt terrorist financing of Iran continue to be on the table," Yellen added.
She said that the Treasury and State Department have taken previous action to contain Iran's "destabilizing" behavior by diminishing its ability to export oil. < What exactly has Team Biden done to "diminish Iran's ability to export oil???
"Clearly, Iran is continuing to export some oil. There may be more that we could do. I don't want to preview our actual sanctions activities, but certainly that remains in focus as a possible area that we could address."
Treasury was working to enlist the aid of China, G7 partners and other major global suppliers to erode Iran's ability to continue to export oil and to get the microelectronics needed for the drones it used to attack Israel and was selling to Russia, a senior Treasury official told reporters. < China is not getting over 90% of the oil being exported by Iran. Why would they help us???
The official said a jump in oil prices had been driven mainly by geopolitical uncertainty, not U.S. sanctions, and noted that past sanctions had not led to oil price increases.
"We're going to have conversations with all major suppliers around the world. That includes countries in the G7; that includes China. All of these countries have to play a role in constraining Iran's ability to get access to the goods they are using to build weapons," the official said.
In prepared remarks, Yellen said Iran's attack on Israel last weekend and its financing of militant groups in Gaza, Lebanon, Yemen and Iraq threatened stability in the Middle East and could cause economic spillovers.
The United States is using financial sanctions to isolate Iran and disrupt its ability to fund proxy groups and support Russia's war in Ukraine, Yellen said.
Treasury has targeted more than 500 individuals and entities connected to terrorism and terrorist financing by the Iranian regime and its proxies since the start of the Biden administration in January 2021, Yellen said.
That has included targeting Iran's drone and missile programs and its financing of the Palestinian militant group Hamas, the Houthis in Yemen, Hezbollah in Lebanon, and Iraqi militia groups, she said.
"From this weekend's attack to the Houthi attacks in the Red Sea, Iran's actions threaten the region's stability and could cause economic spillovers," Yellen said, without giving details.
Iran on Saturday launched more than 300 drones and missiles against Israel, its first direct attack on the country, in retaliation for a suspected Israeli air strike on its embassy compound in Damascus on April 11 that killed elite military officers.
Israel's military said that it shot down almost all the drones and missiles, and that the attack caused no deaths, but the situation has increased fears of open warfare between the longtime foes.
In Gaza, more than 33,000 Palestinians have been killed in the Israeli offensive launched against Hamas after the group attacked Israel on Oct. 7, killing 1,200 people and taking 253 hostages, according to Israeli tallies.
Yellen said Washington was continuing to use economic tools to pressure Hamas, but said Treasury was emphasizing that its sanctions should not impede life-saving aid.
She called for urgent action to end Palestinian suffering in the narrow enclave, noting that Gaza's entire population of more than 2 million people was facing acute food insecurity and that most of the population had been displaced.
"It is incumbent on all of us here at these meetings to do everything in our power to end this suffering," she said.
Yellen noted that Washington was also using sanctions to target extreme settler violence in the West Bank, while working to ensure a functioning banking system there and supporting IMF programs in Jordan and Egypt.
(Reporting by Andrea Shalal and David Lawder; Editing by Gerry Doyle and Chizu Nomiyama)
Reuters
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: New sanctions against Iran
This article from Reuters and Yellen's comments are a joke. Just to refresh your memory..
1) Obama returned $150 billion dollars in frozen assets in 2015
2) Obama sent a pallet of $400 million dollars to Iran for return of money sent by the Shah to buy American military equipment that never transpired after religious fanatics took control
3) weeks later Obama sent $1.3 billion dollars to Iran for interest on the $400 million dollars
4) Biden sent Iran $ 6 billion dollars to retrieve Americans held hostage in Iran
5) The Biden administration on November 14 extended a sanctions waiver to allow Iran to access upwards of $10 billion in electricity revenue once held in escrow in Iraq. This after October 7th. What chutzpah by Biden. Yellen is always lying when her lips are moving.
1) Obama returned $150 billion dollars in frozen assets in 2015
2) Obama sent a pallet of $400 million dollars to Iran for return of money sent by the Shah to buy American military equipment that never transpired after religious fanatics took control
3) weeks later Obama sent $1.3 billion dollars to Iran for interest on the $400 million dollars
4) Biden sent Iran $ 6 billion dollars to retrieve Americans held hostage in Iran
5) The Biden administration on November 14 extended a sanctions waiver to allow Iran to access upwards of $10 billion in electricity revenue once held in escrow in Iraq. This after October 7th. What chutzpah by Biden. Yellen is always lying when her lips are moving.
Re: New sanctions against Iran
Seems as if Iran has mastered the perceived "sanctions" world of feckless Biden policy
https://www.zerohedge.com/markets/irans-oil-exports-climb-highest-level-6-years
https://www.zerohedge.com/markets/irans-oil-exports-climb-highest-level-6-years
Re: New sanctions against Iran
And here's the rub on Iranian oil sanctions..
"But so far it doesn't look like new sanctions on Iranian oil are on the table, which will no doubt result in further Republican anger that Biden has been more worried about gasoline prices (and his own re-election chances) than Israel's security.
In the background is also the last September decision of the White House to release some $6 billion in Iranian oil revenue in exchange for the release of some hostages that were held in Iranian prisons. Critics point out that Biden could hit Tehran's military funding where it really hurts, but is intentionally turning a blind eye - specifically regarding China's massive and ongoing purchases of Iranian oil.
https://www.zerohedge.com/markets/bidens-iran-sanctions-attack-israel-end-being-meek-political-smokescreen
"But so far it doesn't look like new sanctions on Iranian oil are on the table, which will no doubt result in further Republican anger that Biden has been more worried about gasoline prices (and his own re-election chances) than Israel's security.
In the background is also the last September decision of the White House to release some $6 billion in Iranian oil revenue in exchange for the release of some hostages that were held in Iranian prisons. Critics point out that Biden could hit Tehran's military funding where it really hurts, but is intentionally turning a blind eye - specifically regarding China's massive and ongoing purchases of Iranian oil.
https://www.zerohedge.com/markets/bidens-iran-sanctions-attack-israel-end-being-meek-political-smokescreen