As U.S. sanctions on Iran have forced some countries to stop importing oil from Iran, crude oil prices have inevitably risen. The U.S. started down this path earlier this year when President Trump announced the withdrawal from the Obama-era Iran nuclear agreement. Some sanctions went into effect in August, but the sanctions with potentially the most significant global implications go into effect in November, when the sanctions target Iran’s oil exports. In May of this year, Iran exported 2.7 million barrels of oil per day, which accounted for nearly 3% of the world’s daily crude oil consumption. The new sanctions are expected to impact about 1.5 million BPD of Iran’s exports. Under pressure from the U.S., many countries have begun to reduce oil exports from Iran. As the market has slowly absorbed the implications of this loss, crude oil prices have steadily risen. As recently as August, a barrel […]