Home >> Trending Topics >> In The News >> Trump punishes Iran by limiting petroleum purchases

Trump punishes Iran by limiting petroleum purchases

President Donald Trump ordered the federal government to significantly reduce the amount of petroleum and petroleum products purchased from Iran.

In an executive memorandum issued to the Secretary of State, Secretary of Treasury and Secretary of Energy, the president said that after considering several factors such as the level of supply in the international market and in the U.S. he decided to hit Iran in the pocketbook.

“There is a sufficient supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction in the volume of petroleum and petroleum products purchased from Iran by or through foreign financial institutions,” he said in the memo.

The move will cause a major shift in global supply lines with many of Iran’s customers looking elsewhere for petroleum products and boost the price of crude to levels not seen in recent years.

West Texas Intermediate (WTI) was up to $71.09 just after the memo went public and Brent Sea crude was over $78.

READ:  Stocks React as Trump Threatens Tariffs on All Chinese Imports

Trump promised to reinitiate sanctions after leaving the Iran nuclear deal. The U.S. decided not to recertify the deal that limited sanctions because Iran had negotiated in bad faith and was continuing to fund terrorism and conflict in the middle-east.

The inflationary pressure comes just ahead of the summertime driving season in the United States.

Wake up Right! Subscribe to our Morning Briefing and get the news delivered to your inbox before breakfast!

About R. Mitchell

Rich Mitchell is the editor-in-chief of Conservative Daily News. His posts may contain opinions that are his own and are not necessarily shared by Anomalous Media, CDN, staff or .. much of anyone else. Find him on twitter, facebook and
Sign up for our Newsletter

* indicates required field




Email Format


Subscribe!