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  • WASHINGTON, May 28- The U.S. Congress could lift the 40- year-old ban on domestic crude oil exports within a year as a drop in gasoline prices and the potential return of Iranian oil to global markets makes it an easier measure for politicians to support, Bank of America Merrill Lynch analysts said on Thursday. The analysts found "a surprising amount of support to...

  • NEW YORK, May 27- Oil prices fell by up to 3 percent for a second straight day on Wednesday as a resurgent dollar weighed on the market ahead of U.S. inventory data. Other factors held little sway, including France's warning to Iran that it was ready to block a final deal on Tehran's nuclear program unless Iran provided full access to inspectors.

  • Jason Rezaian, the Post's 39- year-old bureau chief in Tehran, is being tried in a Revolutionary Court on allegations of "espionage for the hostile government of the United States" and propaganda against the Islamic Republic, Iran's official IRNA news agency reported. Rezaian's brother, Ali Rezaian, later told The Associated Press in Washington that the...

  • CALGARY, Alberta, May 25- Crude oil futures rose on Monday as firm global demand offset a strong dollar, although a holiday in the United States and much of Europe kept trading muted. Front-month Brent crude gained 53 cents to $65.90 a barrel by 1750 GMT, after touching an intraday low of $64.72. The market drew support from figures showing strong demand across Asia...

  • LONDON, May 25- Crude oil futures edged up on Monday as firm global demand vied with a strong dollar, but a public holiday in the United States and much of Europe kept trading muted. Front-month Brent crude gained 6 cents to $65.43 a barrel by 1400 GMT, after touching an intraday low of $64.72. The market drew support from figures showing strong demand across Asia and...

  • TEHRAN, Iran— Iran will raise gasoline prices by some 40 percent beginning Tuesday, the country's official news agency reported, the latest cut to the Islamic Republic's fuel subsidies that cost it some $32 billion a year. Iran, an OPEC member, consumes 70 million liters of gasoline daily, with some 10 percent refined and imported from abroad.

  • Has poor governance in the Middle East aided ISIS? Friday, 22 May 2015 | 2:58 PM ET
    An Iraqi fighter from the Shiite Muslim Al-Abbas popular mobilization unit monitors from his position near the village of Nukhayb west of Baghdad, on May 19, 2015.

    A senior political figure from the Middle East said that a lack of governance and "violent" policies were partly responsible for the rise of ISIS.

  • WASHINGTON, May 21- The United States on Thursday imposed sanctions on two firms based in Iraq and in the United Arab Emirates for helping Iran purchase second-hand civilian aircraft. Treasury said the sanctions applied to Iraq- based Al-Naser Airlines as well as UAE- based Sky Blue Bird Aviation for providing support to Iranian airline Mahan Air.

  • *Prices up despite Iran saying OPEC output cuts unlikely. SINGAPORE, May 18- Oil prices edged up on Monday following fighting in Iraq and Yemen, but Iranian comments that OPEC was unlikely to cut output as well as signs of strengthening U.S. production capped gains. Prices were supported by concerns that conflict in Iraq and Yemen could disrupt supplies after...

  • *Prices up despite Iran saying OPEC output cuts unlikely. SINGAPORE, May 18- Oil prices rose on Monday on supply concerns in the Middle East following fighting in Iraq and Yemen, but Iranian comments that OPEC was unlikely to cut output as well as signs of strengthening U.S. production capped gains. Prices were supported by concerns that conflict in Iraq and Yemen...

  • *Iran still looking for OPEC "cooperation" on oil prices. Iran, along with Venezuela, has repeatedly called for OPEC to cut output to shore up low prices that have eaten into producers' oil revenues. Javadi's comments signal an admission that the group was unlikely to agree to a reduction, especially after its current strategy has succeeded in curbing non- OPEC...

  • *OPEC unlikely to cut output at June meeting. A recent framework deal on Iran's disputed nuclear programme between Tehran and world powers could see sanctions on Iran eventually lifted if a more permanent pact is finalised by a June deadline. Javadi said the OPEC producer expected to claw back lost market share in Asia.

  • KUALA LUMPUR, May 18- Iran hopes its crude oil exports will return to pre-sanctions levels within three months once a deal with major powers to lift an oil embargo is finalised, Iran's deputy oil minister said on Monday. "Yes, 2.5, around," he said on the sidelines of the Asia Oil and Gas Conference in Kuala Lumpur. A recent framework deal on Iran's disputed nuclear...

  • Obama meets with Persian Gulf leaders   Friday, 15 May 2015 | 6:22 AM ET
    Obama meets with Persian Gulf leaders

    Edward Lawrence, NBC News reports the Gulf countries are upset about a possible deal the United States is brokering with Iran.

  • SEOUL, May 15- South Korea's imports of Iranian crude fell 6.5 percent in April from a year ago, with its oil shipments from the OPEC country in the first four months of 2015 dropping nearly 14 percent year-on-year to meet international sanction requirements. South Korea and other Asian buyers can import crude form the Islamic nation at sanctions-reduced rates...

  • 'GCC no-shows are a diplomatic rebuke': Pro   Thursday, 14 May 2015 | 7:33 PM ET
    'GCC no-shows are a diplomatic rebuke': Pro

    Peter Berkowitz, senior fellow at Stanford University's Hoover Institution, says the absence of Saudi Arabia and Bahrain leaders at the Camp David summit suggests a lack of confidence in the Iran nuclear deal.

  • Iran fires on Singapore-flagged ship: NBC News   Thursday, 14 May 2015 | 9:28 AM ET
    Iran fires on Singapore-flagged ship: NBC News

    CNBC's Courtney Reagan reports Iran fired on a Singapore-flagged tanker ship that was passing through the Strait of Hormuz.

  • WASHINGTON/ NEW YORK, May 14- Major banks wary of heavy U.S. penalties will be reluctant to restore ties with Iran even if sanctions are lifted in a possible nuclear deal, bank executives and advisers say, likely denting Iran's ambition to attract foreign investment to revive its crippled economy. After years of being frozen out of the global banking system and...

  • Congress needs to be careful with Iran Wednesday, 13 May 2015 | 5:18 PM ET
    Supreme Leader of Iran Ayatollah Ali Khamenei

    Congress wants a say in Iran nuclear talks but it could further destabilize the Middle East in the process, says Dan Steinbock.

  • CNBC update: China investment   Wednesday, 13 May 2015 | 12:29 PM ET
    CNBC update: China investment

    President Obama is meeting with the Saudi crown prince, Philadelphia's Mayor says the "black box" of the derailed train has been recovered, and China is allowing 32 foreign companies to trade bonds, reports CNBC's Sue Herera.