solhkhabar | Peace International News Agency Peace International News Agency , Peace News , International Agency News of Peace
“Higher oil prices as a result of sanctions on Iran could make it harder for Americans to pay their home heating bills this winter,” the federal government said Wednesday.
The Energy Information Administration said in a report that it expects heating oil prices to be higher this winter than in 2017 because of higher global crude oil prices, driven up in part by market unease over US sanctions on Iran kicking in Nov. 5.
According to Washington Examiner, the agency forecasts that the Brent crude oil price, used in determining US petroleum product prices, will average $ 79 per barrel this winter, which is $ 15 per barrel higher than last winter.
'Higher forecast Brent crude oil prices this winter are the result of gradually tightening global oil balances and concerns about potential supply disruptions in the coming months,' the agency said.
After Washington's May 8 exit from the historic Iran Deal, the US gave 90 to 180 wind-down period to other countries before it starts re-imposing oil sanctions on Tehran on November 4.
Part of the US' illegitimate sanctions were imposed on Iran on August 9.
US President Donald Trump also said he would reinstate the US nuclear sanctions on Iran and impose “the highest level” of economic bans on the Islamic Republic.
9376**2050
Follow us on Twitter @IrnaEnglish