MNI BRIEF: ECB's De Guindos Calls For EU Retail Saving Product

MNI BRIEF: BOJ's Ueda Says Markets Unstable, Vigilance Needed

US SEP MANUFACUTURING PMI 47.3 (FLASH 47.0, AUG 47.9)

MNI NBP WATCH: Rates Held As Energy, Wages Push Up Prices

MNI BRIEF: NBP Keeps Key Interest rates unchanged

MNI BRIEF: Turkish Inflation Expectations Ease As CBRT Holds

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

US EIA: CRUDE OIL STOCKS EX SPR +3.89M TO 416.9M SEP 27 WK

US MBA: REFIS -3% SA; PURCH INDEX +1% SA THRU SEP 27 WK

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

SECURITY: Biden Does Not Support Attack On Iran's Nuclear Sites

SECURITY
EM BulletFixed Income BulletsHomepagemarkets-real-timePolitical RiskCommoditiesPolitical Risk BulletBulletMarketsEmerging Market NewsForeign Exchange Bullets

Reuters carrying comments from US President Joe Biden on the situation in the Middle East. Biden says, "he does not support an attack on Iran's nuclear sites," and notes that the US and G7 are working on a joint statement on Iran.

  • Biden add that "there's going to be some sanctions imposed on Iran," and says he, "will be talking to [Israeli Prime Minister Benjamin] Netanyahu soon."
  • US sanctions are likely to hit Iran's oil sector, representing roughly 70% of government revenue. Time notesthat Iran's oil production has doubled, "from less than 2 million barrels per day in 2019 to nearly 4 million barrels per day now," providing the treasury with a USD$100 billion revenue boost.
  • While sanctions are already in place, the Biden administration has been relaxed about enforcement out of a fear of driving up global oil prices. Enforcement could feasibly be ramped up to levels seen during the Trump administration, reducing Iranian oil revenue by half by around USD$50 billion per year.
  • Iranian President Masoud Pezeshkian said a few moments ago: “We don't seek war but if Israel acts against us we will respond.” Pezeshkian's comments appear consistent with a view that Iran's ballistic missile attack was primarily designed to re-establish a deterrent in light of Israel's operation to degrade Iranian proxies, rather than an attempt to expand the conflict.
  • White it is highly unlikely Israel will refrain from a response, the US may hope that promising stricter sanctions can prevent an Israeli attack on Iran's nuclear infrastructure, oil facilities, and refineries on Khark Island.
257 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Reuters carrying comments from US President Joe Biden on the situation in the Middle East. Biden says, "he does not support an attack on Iran's nuclear sites," and notes that the US and G7 are working on a joint statement on Iran.

  • Biden add that "there's going to be some sanctions imposed on Iran," and says he, "will be talking to [Israeli Prime Minister Benjamin] Netanyahu soon."
  • US sanctions are likely to hit Iran's oil sector, representing roughly 70% of government revenue. Time notesthat Iran's oil production has doubled, "from less than 2 million barrels per day in 2019 to nearly 4 million barrels per day now," providing the treasury with a USD$100 billion revenue boost.
  • While sanctions are already in place, the Biden administration has been relaxed about enforcement out of a fear of driving up global oil prices. Enforcement could feasibly be ramped up to levels seen during the Trump administration, reducing Iranian oil revenue by half by around USD$50 billion per year.
  • Iranian President Masoud Pezeshkian said a few moments ago: “We don't seek war but if Israel acts against us we will respond.” Pezeshkian's comments appear consistent with a view that Iran's ballistic missile attack was primarily designed to re-establish a deterrent in light of Israel's operation to degrade Iranian proxies, rather than an attempt to expand the conflict.
  • White it is highly unlikely Israel will refrain from a response, the US may hope that promising stricter sanctions can prevent an Israeli attack on Iran's nuclear infrastructure, oil facilities, and refineries on Khark Island.