Sanctions are taking a bite already will big drop in Iranian oil exports, they are filling up all their storage capacity. They have to continue to pump because oil rigs are damaged if you stop production.
[quote=Bubblesitter]The geopolitical oil wildcard is now in play this year.
US just signed into law very tough sanctions targeting the Iranian Central bank, making it much more difficult for Iran to sell oil.
Last week the EU also imposed tough sanctions, curtailing Iranian Oil purchases.
Iran is threating US Navy in Straits of Hormuz, and warning Arab nations not to “fill the gap” in reduced global supplies. Charges and counter charges of covert war, assasinations and assasination attempts.
The EU and US sanctions really start taking a bite in about 6 months, during peak summer driving season.
