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
11 August 2025
The administration is pushing for deregulation and streamlined permitting for natural gas, while tightening requirements and stripping away subsidies from renewables
8 August 2025
The producers’ group missed its output increase target for the month and may soon face a critical test of its strategy
7 August 2025
The quick, unified and decisive strategy to return all the barrels from the hefty tranche of cuts from the eight producers involved in voluntary curbs signals a shift and sets the tone for the path ahead
7 August 2025
Without US backing, the EU’s newest sanctions package against Russia—though not painless—is unlikely to have a significant impact on the country’s oil and gas revenues or its broader economy
