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Trump's Iran sanctions are 'the ultimate high wire act for oil prices,' analysts say

Trump's Iran sanctions are 'the ultimate high wire act for oil prices,' analysts say
AP



The Trump administration announced it would further sanction Iran's energy industry this week, moving closer to its eventual goal of sending oil exports to zero.




This comes at a time when other major producers, including Venezuela and Libya, are facing supply threats.




Analysts say sanctions could result in higher gas prices and leave the global market vulnerable to supply shocks.




As President Donald Trump moves to shut Iran out of the oil market, other top producers are facing output disruptions. And analysts say higher energy costs could be felt by consumers as soon as this summer.
The Trump administration said Monday it would not renew waivers that had shielded eight countries from sanctions on oil purchases from Iran, a surprise move that has raised concerns about global supply.
"President Trump's decision to zero out Iran sanctions waivers represents the ultimate high wire act for oil prices," analysts at RBC said in a research note to clients this week. "All of these geopolitical stories could present a cruel summer scenario for President Trump as he seeks to keep oil prices in check."
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