By SIMON CONSTABLE
The crude oil market has a blunt message for the world.
U.S. sanctions on Iran will bite hard and so remove a chunk of crude oil supply from the global market. That’s why prices for this energy have rallied so much lately.
The price for light sweet crude has rallied almost 10 percent over the past few weeks to $73.63 a barrel recently from $67.25 at the beginning of May, according to data from Bloomberg.
In early May the Trump administration signaled an end to U.S. participation in the so-called Iran nuclear deal and would, therefore, begin to impose sanctions on the country. The Obama-era agreement had allowed Iran to trade oil and other goods in exchange for not developing nuclear weapons. Read more here.
Photo by Delfino Barboza on Unsplash
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