Gasoline prices are rising in the US
Iran or pump prices: Biden’s thankless choice
The US president may opt to do a JCPOA deal as a lesser evil than expensive gasoline
US president Joe Biden is aware that agreeing sanctions relief with Iran in return for curbs on its nuclear programme will be unpopular not just with his Republican opponents but also within his own Democratic party. But, according to Torbjorn Soltvedt, principal Mena analyst at consultancy Verisk Maplecroft, Biden may “view rising fuel prices as a bigger issue” ahead of November’s US midterms and be prepared to strike a deal to bring Iranian barrels swiftly back to the market to try to relieve upward pressure on oil prices. Iran, which to date has shown little willingness to compromise, now has an opportunity to strike a deal on its own terms, says Soltveldt. “Iranian negotiators will seek
Also in this section
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
14 January 2026
Chavez’s socialist reforms boosted state control but pushed knowledge and capital out of the sector, opening the way for the US shale revolution
