WFB: Trump administration officials have been engaged in a global effort with international partners to choke off all Iranian oil exports and further squeeze the Islamic Republic’s economy as protestors swarm the streets to express anger over the regime’s continued support for global terror groups.
Senior Trump administration officials have been working overtime in Europe and Asia to gather support for its push to enforce harsh sanctions on Iran in a reversal of the Obama administration’s efforts to spark investment in Iran, particularly its oil sector.
An interagency team of State and Treasury Department officials “have been explaining the new direction of our policy to our allies, working to garner their support for it,” according to a senior State Department official who briefed reporters on Tuesday. “We’re going to isolate streams of Iranian funding and looking to highlight the totality of Iran’s malign behavior across the region.” more here
The man never quits. Go Trump.
Shut off their oil, Shut down their country!
I wish an informed analyst would explain to me why, when we have as much oil as we have domestically, sweet crude is up to $70/barrel as of yesterday and the price shot up on news of Iran cutting its exports. Is it because of limits on domestic refinery production?
My 2ȼ. Oil and oil products are international commodities. The marginal price is set by the need to import oil to satisfy US, and increasingly international, demand.
The price differential between WTI and Brent (Europe, currently $9/barrel), creates a lot of international demand for US oil and refined products and increases US prices closer to world prices as exports increase.
https://ycharts.com/indicators/brent_wti_spread
I hope Macron’s mommy won’t let him brake the embargo.
oil should be cheap.
but since it is one of the truly renewable and effective resources used to power industry it will only get more expensive as industry expands.
the roaring economy is what makes the price go up.