The scarcity could push prices above $80 a barrel, potentially putting a strain on U.S. consumers as they decide whether President Trump’s Republican Party will remain in control of both houses of Congress in November’s midterm elections. With the combination of Iran sanctions and Saudi Arabia’s supply limitations, “we are heading to a price spike, likely $90 to $100” per barrel, one oil trader said. “It’s not just Iran that will suffer. It’s going to have a boomerang effect with rising gasoline prices” in the U.S. Aramco’s Arab light crude has been in high demand from buyers ahead of Iran sanctions, one potential buyer said he was told this week, and as a result, supplies have been fully allocated for October. The buyer says he was offered Aramco’s less popular medium and heavy oil. Saudi Arabia says it increased overall oil production by 400,000 barrels a day in the […]