Iranian Oil Sanction Kicks-Off on Monday

In May, President Trump announced that the United States is pulling out of the Iranian Nuclear agreement and the re-imposition of sanctions. On Monday, the other shoe drops as sanctions will be imposed on Iran by the Trump administration on anyone doing business in the petroleum field – a move that most observers in the oil industry see as devastating coming on the heels of a 70% plunge in Iranian currency during the past year. Various sources offer differing reports on the impact on the population is having on the Iranian government and on the Iranian people. The newspaper Arab News reported on Sunday that President Rouhani complained to parliament that the cost of living has soared and is causing hardships for the people. Yet, the paper pointed out, the government itself recently said the increase in the cos of food over the past year is a whopping 46.5 per cent. News sources supportive of the Rouhani government are playing down the rising angst with leadership while overseas outlets are differing in their assessments.