WorldOil Total stops Iran gas project as risk from sanctions too high Total will not risk investing in Iran following the return of U.S. sanctions, unless it can secure a waiver. Crude rises to $80/bbl for first time since 2014 Oil rose to $80/bbl for the first time since 2014 as U.S. crude inventories fell and traders braced for the impact of sanctions on Iran. U.S. oil gets cheaper versus Mideast crude after Iran sanctions The oil price spread that will determine the type of crude bought by Asia in the wake of U.S. sanctions on Iran is currently in favor of American supply. Iran plans first foreign oil pact since Trump left nuclear deal Iran plans to sign a $1.16-billion agreement with the UK’s Pergas Resources International Ltd. to work on a southern oil field, marking the Persian Gulf nation’s first energy venture with a foreign company since U.S. President Donald Trump ripped up the Iran nuclear deal. Oil rises to $79 in London on Mideast risk from Iran to Gaza Oil climbed to a three-year high near $79/bbl in London on heightened political risks in the Middle East following unrest in Gaza and the return of sanctions against Iran. Iran oil exports face insurance snag no matter what Europe wants If European powers are to succeed in holding together a nuclear deal with Iran that the U.S. abandoned a week ago, then one issue they’ll need to consider is the insurance of oil tankers hauling the Persian Gulf country’s crude. UAE sees OPEC oil capacity "buffer" offsetting Iran curbs OPEC has enough spare production capacity to cushion oil markets as the U.S. re-imposes sanctions on Iran, according to United Arab Emirates Energy Minister Suhail Al Mazrouei. Crude near $71 as geopolitical conflicts seen at bay—for now Crude traded little changed as Middle East conflicts are not seen escalating and output from other major producers is seen making up for any lost by Iran. Trump's Iran move may kick worst U.S. gas market while it's down President Donald Trump’s decision to scrap the Iran nuclear deal and restore sanctions was great for oil bulls. But for natural gas drillers in America’s hottest shale play, it could be a disaster in the making. Crude gains as Israel and Iran clash after Trump's sanctions move Oil moved above $71/bbl on the risk of supply disruptions due to Middle East conflict, and the U.S. renewed sanctions on Iran.