The oil market is set to tighten further before the end of this year – a sign that OPEC’s early response to boost supply may not be enough to offset a significant (possibly 1 million bpd barrel) loss of crude oil supply from Iran, Helima Croft, RBC Capital Markets global head of commodity strategy, told CNBC on Friday. On Monday, August 6, the first set of U.S. sanctions on Iran will snap back, so we will be probably looking at tougher actions over August and September, Croft said. The question regarding Iranian oil supply now is, can the Trump Administration get everybody else except China, which has already said it won’t recognize U.S. sanctions on Iran, out of the market, according to the strategist. According to two officials, the U.S. hasn’t been able to persuade China to reduce Iranian oil purchases, but Beijing has reportedly agreed not to increase […]