Trump faces Iran sanctions challenge
The US administration must win over sceptical European and Asian allies to make oil sanctions bite as hard as last time
President Donald Trump pulled the US out of the Iran nuclear agreement on Tuesday, in a widely expected move that threatens to knock hundreds of thousands of barrels a day out of the oil market and ratchet up tensions across the Middle East. Brent oil prices have surged around 10% over the past month, to over $76 as of 9 May, amid overt signals from Trump that he'd be pulling out of the Joint Comprehensive Plan of Action—as the Iranian nuclear deal is known—ahead of the 12 May deadline to waive sanctions relief. Trump called for the "highest level" of sanctions on Iran in his White House address, including sanctions on crude purchases and investments in the country's energy sector. While Tru
Also in this section
17 May 2024
The latest drought crisis is passing, but longer-term solutions are in motion, explains Panama Canal Authority Administrator Ricaurte Vasquez Morales
16 May 2024
Flat oil growth in 2024 highlights mounting industry problems
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way
14 May 2024
But there is still plenty of appetite for the country’s LNG in the Asia-Pacific region