Global oil prices are continuing their upward trajectory amid concerns that more Iranian barrels will be removed from the market once U.S. sanctions hit the country’s energy sector Nov. 4. Oil market jitters are also being exacerbated by supply disruption problems in Venezuela, Nigeria and Libya—all OPEC members. Additionally, geopolitical factors are putting upward pressure on oil prices since Saudi Arabia, the world’s largest oil exporter, and regional rival Iran, OPEC’s third largest producer, are on opposing sides in the ongoing civil war in Syria and fighting in Yemen. As prices for both global oil benchmark Brent crude and U.S. Benchmark West Texas Intermediate (WTI) crude hit multi-year highs, President Trump has again pressed Saudi Arabia and OPEC for help. However, Trump’s insistence that a Saudi-led OPEC reign in oil prices by increasing output is short-sighted. Saudi Arabia may simply be unable to ramp up production in order to […]