New sanctions could add as much as $8.40 to global prices | World Business Watch

New sanctions could add as much as $8.40 to global prices | World Business Watch

legislation pushing Joe Biden to
increase sanctions on Iranian crude oil
is on track to become law as early as
this week but experts don’t expect the
president to fully use his new powers
anytime soon the measure was passed by
the US House of representativ over the
weekend as a response to Iran’s attack
on Israel earlier this month on paper
they promise to broaden the scope of
restrictions on Iran’s exports of crude
by extending coverage to foreign ports
vessels and refineries that knowingly
engage in
trade but oil Market experts say that
Biden will be L to make any moves that
could increase the price of crude or the
gasoline that us motorists buy at the
pump the president is likely to take
advantage of the waiver Authority built
into the sanctions and avoid stringent
enforcement according to policy experts
situation to some some extent mirrors
that faced by the Biden Administration
with Russia and its invasion in Ukraine
as well although the White House has
imposed sanctions on Russia it has tried
to limit the country’s revenues while
allowing its oil exports to keep flowing
so as to not to squeeze Global supplies
and Stoke inflation an important
domestic consideration for the US
president in an election year the White
House also permitted Venezuelan oil to
continue flowing last week if given as
it renewed sanctions aimed at president
Nicholas Maduro the oil Market is
particularly sensitive right now due to
the potential for further constraints
bran crude prices exceeded $92 a barrel
earlier in April their highest in almost
six months amid strong Global demands
and ongoing production cuts by OPEC and
its allies if implemented and enforced
the new sanctions could add as much as
$8.40 to Global prices is according to
one estimate and that would be bad news
for Biden who has already tapped the
nation’s strategic petroleum Reserve
after the cost of domestic fuel spiked
higher in
2022 the latest sanctions are a part of
a foreign aid package slated for Senate
passage later this week they include
Provisions to eliminate China’s use of
saned Iranian oil about 80% of Iran’s
roughly 1.5 million barrels per day of
exports go to China to be processed by
small independent teap Port
refineries now the legislation would
expand the definition of a major
financial transaction and existing us
sanctions to include transactions of any
size made between Chinese and Iranian
institutions to buy Iranian
oil experts say Biden is unlikely to
enforce these measures with G Gusto due
to domestic political and economic
compulsions but sanctions waivers may
become harder for Biden to defend if
Iran and its proxies engage in more
direct aggression towards Israel in the
coming
times and the young man I think is as I
understand I was informed
[Music]

Legislation pushing Joe Biden to increase sanctions on Iranian crude oil is on track to become law as early as this week. But analysts don’t expect the president to fully use his new powers any time soon. The measure was passed by the US House of Representatives over the weekend as a response to Iran’s attack on Israel earlier this month.

#iran #us #sanctions

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