The US has asked its allies to cut all imports of Iranian oil from November and is unlikely to offer any exemptions, a senior State Department official said on Tuesday, according to a Reuters report.
Trump administration withdrew from the "defective" Iran nuclear deal in May and will reimpose sanctions, starting November 4.
So, Iran will be cut out of the markets from November 4 and there are fears other OPEC producers may not be able to compensate for Iran's oil production drop.
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The U.S. Department of Commerce announced that annual headline Personal Consumption Expenditures (PCE) inflation climbed to 2.3% in October, with core PCE inflation—a key measure excluding food and energy—rising slightly higher at 2.8% over the same period.
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