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Sat Nov 3, 2018, 02:13 PM

Iran sanctions kick in, bringing biggest oil disruption in years

Midnight on Sunday will mark a dividing line in the world of oil. Beyond that point, anyone unloading a tanker from Iran risks the full wrath of the U.S. government.

The Middle Eastís third-biggest oil producer has already seen many buyers flee, with sales tumbling 37 percent since President Donald Trump announced that heíd reimpose sanctions. Once those restrictions formally kick in on Nov. 5, the overall supply disruption could become the biggest since Libya erupted in civil war at the start of the decade.

There are signs the impact will be mitigated, as some buyers look set to win partial exemptions while other producers -- particularly Saudi Arabia -- pump more to fill the gap. Still, there are doubts about their capacity to do so and the global nature of the oil market means nobody is fully insulated. Even U.S. drivers, whose engines havenít seen a drop of Iranian crude for decades, have felt pain at the pump.

U.S. oil futures climbed to a four-year high near $77 a barrel last month on growing concerns there could be a shortage as sanctions bite deeper. While those fears have eased along with prices in recent weeks, significant risks remain.


Whoopee! Higher gas prices.

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Reply Iran sanctions kick in, bringing biggest oil disruption in years (Original post)
Yo_Mama_Been_Loggin Nov 3 OP
CrispyQ Nov 3 #1

Response to Yo_Mama_Been_Loggin (Original post)

Sat Nov 3, 2018, 02:15 PM

1. This, along with his tariffs, are the war on Christmas. -nt

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