Oil markets will be keeping a close eye this week US President Donald Trump’s decision to re-impose sanctions on Iran. In the lead-up to the May 12 deadline, oil prices have hit multi-year highs, with some analysts saying 1 million barrels per day of supply could be impacted if the sanctions are re-imposed. Middle Eastern suppliers raised their official selling prices to four-year highs. Last week, Qatar Petroleum, Saudi Aramco and ADNOC raised their OSPs, and Asian oil buyers are now awaiting announcements from Iran, Iraq and Kuwait to get the complete picture. In petrochemicals, the US’ move to impose preliminary antidumping duties on polyethylene terephthalate from Brazil, Indonesia, South Korea, Pakistain and Taiwan is seen likely to redirect Asian PET from the US to other markets this week. And in thermal coal, Asian market players are hoping for a breakthrough this week in negotiations for Japanese term contracts […]