Frontline among best STOXX performers after new US sanctions on Iran

Frontline

04/12/2024 09:32

** Shares in Norwegian oil tanker group Frontline  FRO.OL 
rise more than 5%, with analysts pointing to expanded U.S.
sanctions on Iran
    ** The Biden administration on Tuesday ramped up its
sanctions on Iran, targeting 35 entities and vessels that it
said transported illicit Iranian petroleum to foreign markets
    ** "Moving all Iranian exports out of the black fleet and
into the legitimate fleet implies about 3% higher fleet
utilisation of the latter," ABG Sundal Collier says in a note
    ** Arctic Securities analysts say that despite the positive
news, their view on stocks won't change without a greater chance
of reduced Iranian volumes
    ** Frontline is among top performers on the pan-European
STOXX 600 index  .STOXX 

 (Reporting by Anna Chaberska)
 ((Anna.chaberska@thomsonreuters.com))