US Congress approves new Iran oil sanctions

The United States could bring in a fresh round of oil sanctions against Iran after its Congress overwhelming voted in favour of a new extra package yesterday. The US wants to punish bankers and shippers who help Iran sell oil, according to reports. It follows President Obama’s announcement of new oil sanctions on Tuesday which […]

Iran blockade could spike oil prices by 30%

The Iran oil embargo enacted by the G20 could potentially lead to oil prices spiking by up to 30%, the International Monetary Fund has warned. Iran currently supplies over 5% of the world’s oil and oversees the passage of 40% of the world’s exports through the Straits of Hormuz, which is vital for the shipment […]