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BofA says Trump unlikely to take 'hard stance' on Iran


(Reuters) - Lynch said on Friday the United States, in the runup to midterm election, is unlikely to take a "hard stance" against Iran, resulting in international to average $70 a barrel in 2018.

Iran, the third-largest of Organization of the Petroleum Exporting Countries, is facing U.S. sanctions on its exports that are prompting some buyers to cut purchases.

"The administration may look for an easy win on trade to appease markets and voters alike before November," BofA said in a research note.

Brent was down 0.7 percent at $73.91 on Friday as Libyan ports reopen and amid hopes will still export some despite sanctions.

approached $80 in June and early July due to Libyan and Venezuelan supply disruptions and on fears the would press all buyers of Iranian to cut imports to zero from November.

While Trump has accused the of driving up prices, says the has caused this by imposing sanctions on it and (

BofA had previously said cutting exports to zero could push up oil by $50 a barrel, if top cannot keep up production.

(Reporting by in Bengaluru; Editing by Arun Koyyur)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 13 2018. 16:31 IST