In two weeks’ time the US must decide whether to tighten its existing sanctions against Iran’s oil exports or renew the limited waivers granted to Tehran’s biggest customers. It will not be a straightforward decision.
Donald Trump’s administration may want to increase the pressure on Tehran, but it will need to contend with the sharp rally in oil prices when weighing if it can afford to remove more output from the market.
On Wednesday oil reached $72 a barrel, its highest level this year, with prices recovering a third since they bottomed in late December.
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