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Trump says he wants to go slower on sanctions for Iran's oil

Reuters  |  JOINT BASE ANDREWS, Md. 

JOINT BASE ANDREWS, Md. (Reuters) - U.S. on Monday said he wants to impose sanctions on Iran's gradually, citing concerns about shocking and causing global price spikes.

"With the oil, it's very interesting. We have the toughest sanctions ever imposed, but on we want to go a little bit slower because I don't want to drive (up) the prices in the world," he told reporters before flying to a campaign event. "This has nothing to do with .. I could get the oil down to zero immediately but it would cause a shock to the market. I don't want to lift "

The on Monday restored sanctions targeting Iran's oil, and transport sectors and threatened more action, part of a wider effort to curb Tehran's missile and nuclear programs and diminish the Islamic Republic's influence in the Middle East, notably its support for proxies in Syria, and Trump's moves target Iran's main source of revenue, its oil exports, as well as its financial sector.

"If you notice, are going down very substantially, despite the fact that already half of their capacity is gone," Trump said, adding "it will be a gradual" imposition of

On Monday, international benchmark Brent were up nearly 0.8 percent to $73.41 a barrel and U.S. crude futures were up 0.4 percent at $63.41. [O/R]

(The story corrects paragraph four to say oil sanctions, from oil tariffs)

(Reporting by Roberta Rampton; Writing by Lisa Lambert; Editing by and Dan Grebler)

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

First Published: Tue, November 06 2018. 05:47 IST