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Oil price to rise? Millions of barrels of Iran oil piled up in China ports The store of oil has the potential to push down global prices if Chinese refiners decide to draw on it International :- Tankers are offloading a huge number of barrels of Iranian oil into capacity tanks at Chinese ports, making a crowd of rough sitting on the doorstep of the world’s greatest purchaser. Over two months after the White House prohibited the buy of Iran’s oil, the country’s unrefined is proceeding to be sent to China where it’s being put into what’s known as “reinforced capacity,” state individuals acquainted with activities at a few Chinese ports. This oil doesn’t cross nearby traditions or appear in the country’s import information and isn’t really in rupture of approvals. And keeping in mind that it stays unavailable for general use for the time being, its quality is approaching over the market. The store of oil can possibly push down worldwide costs if Chinese purifiers choose to ...

Iran rejects tanker attack allegations, says US claims ‘unsubstantiated’ Washington has blamed Iran for last week’s attacks, releasing images and a grainy video it alleges shows Iranians on a patrol boat removing an unexploded limpet mine attached to one of the tankers Current Affairs :-Iran’s safeguard serve “completely dismissed” Wednesday allegations that Tehran was behind two tanker assaults in the Gulf of Oman, portraying proof introduced by Washington as “unconfirmed”, official news organization IRNA detailed. Washington has reprimanded Iran for a week ago’s assaults, discharging pictures and a grainy video it affirms indicates Iranians on a watch vessel evacuating an unexploded limpet mine joined to one of the tankers. “Allegations leveled against Iran’s military and the distributed film with respect to the episode (that) happened to the vessels … are unconfirmed and we completely dismiss these allegations,” IRNA cited Defense Minister Brigadier-General Amir Hatami as...

Nations buying oil from Iran beyond accepted levels will face sanctions: US US President Donald Trump last month refused to give waivers to countries like India from buying oil from Iran, in an attempt to reduce Iran's oil exports to zero Current Affair :-Any endeavors to import Iranian unrefined petroleum past the acknowledged dimensions consulted from November to May will be authorized, the US has cautioned, in the midst of reports that India and China were looking for approaches to purchase oil from Tehran. US President Donald Trump a month ago would not offer waivers to nations like India from purchasing oil from Iran, trying to lessen Iran's oil fares to zero. The US on Tuesday emphasized its situation after the media reports from New Delhi, citing anonymous government authorities, said that India was seeing approaches to resume oil imports from Iran in spite of the US sanctions. A week ago, India's Ambassador to...