Iran Update causes oil price to spike - Feb 12
Posted: Fri Feb 12, 2021 12:59 pm
Earlier in the week, the International Atomic Energy Agency had confirmed that the Islamic Republic has now resumed making uranium metal, in violation of the UN-backed accord that President Joe Biden has said he wants to revive. The European parties to that accord, the Joint Comprehensive Plan of Action, issued a joint statement on Friday warning that “Iran has no credible civilian justification for these activities, which are a key step in the development of a nuclear weapon."
Iran’s increasingly aggressive revival of its nuclear activities not only complicates any chance of lifting U.S. sanctions on Iran’s oil exports, but also raises the broader risk level around the Persian Gulf region, still the most important chokepoints for world oil supply.
How will Team Biden respond?
How will Israel respond?
BTW: The U.S. is back to being a net importer of oil and OPEC+ will soon have control of oil prices.
Iran’s increasingly aggressive revival of its nuclear activities not only complicates any chance of lifting U.S. sanctions on Iran’s oil exports, but also raises the broader risk level around the Persian Gulf region, still the most important chokepoints for world oil supply.
How will Team Biden respond?
How will Israel respond?
BTW: The U.S. is back to being a net importer of oil and OPEC+ will soon have control of oil prices.