Iran to raise uranium enrichment to 5% on Sunday, crude volatility likely

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Iran to raise uranium enrichment to 5% on Sunday, crude volatility likely

On Saturday, the 6th of July, a top Iranian official had told that Iran would announce an increase of up to five percent in its uranium enrichment level, breaking off terms of a 2015 nuclear deal which had been allowing the mettlesome nation to export a limited amount of crude oil, just enough to wheel its public finances.

However, as an act of retaliation following US sanction on Iranian crude oil, Iran had told earlier on June that it would soon enrich its urnium level and expand its nuclear venture, which had only one nuclear reactor for the moment being and were not allowed to store heavy water required for nuclear ores.

Nonetheless, last month, following the US sanction on Iranian crude aimed at crippling the oil-dependent economy of the third-largest crude-rich country in the world, tension rose significantly higher over Iran, Yemen, Saudi and UAE, while Iranian Elite Revolutionary Guards had made the Strategically critical Strait of Hormuz vulnerable for the oil tankers to pass through, and Iran-backed Yemeni Houthis had been launching military attacks of some oil facilities in Saudi-Yemen borders.

As a matter of fact, following re-imposition of a sanction on Iranian crude, a tense breeze had been blowing across the ocean of Gulf since May, contributing to a sharp upsurge of crude oil futures’ prices, while a breach of 2015 nuclear treaty would likely to distance Iran from its European sympathizers and a US-Iran military confrontation seemed inevitable, suggested analysts.