Oil price puzzle as sanctions choke Iran exports
Which direction is the price of Brent crude heading following deployment of a US naval and B-52 bomber strike force to the Middle East? The answer is complex
Amid rising tension between Washington and Tehran, markets must also add into the mix the loss of barrels from sanctions-hobbled Iran and crisis-hit Venezuela, now also targeted by US sanctions. Brent crude was up 33pc since the turn of the year before this month's downturn, following President Trump's decision in November last year to reimpose sanctions on the Islamic Republic, but this price rally had not seen any of the dramatic spikes of yesteryear, despite the scrapping of waivers in April. Those waivers allowed eight countries, including India and China, to continue to import Iranian oil. By rescinding them, supply has tightened; and intelligence from tanker-tracking agencies indicates
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
