The Biden Administration is unlikely to clamp down on Iran's oil exports due to concerns about higher oil and gasoline prices in an election year.
The Biden Administration is unlikely to attempt to dramatically curtail Iran ian oil exports after Iran ’s attack on Israel, due to concerns about higher oil and gasoline prices in an election year and an unwillingness to further harm U.S.-China relations as Beijing is Iran ’s key remaining oil customer, analysts have told Reuters. The U.S. toughening the sanctions enforcement against Iran ian oil exports was expected by analysts after Iran launched drones on Israel this weekend.
” However, considering that most of Iran’s oil goes to China and that removing further barrels from the market would lead to higher oil prices, the Biden Administration could opt not to ramp up enforcement of the sanctions, analysts say.
Gasoline Gasoline Prices Oil Prices Biden Geopolitics Iran Sanctions
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