Oil prices jumped to their highest level since November this week, and the Trump administration deserves a lot of the credit. Sanctions on Iran and Venezuela together have combined to knock huge volumes of supply offline over the past year. At the time of this writing, data on Venezuela’s oil exports were not readily available, but one of the country’s main oil export terminals was reportedly set to resume operations after being forced offline because of a widespread electricity blackout. However, it’s safe to assume that problems with the oil sector continue. Reuters reported that two storage tanks at the Petro San Felix heavy oil upgrading unit exploded on Wednesday. Estimates vary, but some analysts say that the electricity outage crippled oil exports, dropping them to perhaps 500,000 bpd, down by half from just a few weeks ago. Meanwhile, the sanctions on Iran are also knocking supply offline, but […]