The United States could lift the ban on Iranian oil: Vitol — RT Business News

The United States could lift the ban on Iranian oil

President Biden is trying to rein in domestic fuel prices ahead of the midterm elections

The Biden administration could allow more sanctioned Iranian oil to flow to global markets in a bid to control fuel prices in the country amid the run-up to the US midterm elections, according to a major trader. of independent crude.

“If the midterms are dominated by the need to lower US gas prices, turning a blind eye a little more to the flowing sanctioned barrels is probably something you could expect to see.” Mike Muller, head of Asia at Vitol Group, told Dubai-based Gulf Intelligence on Sunday.

Gasoline prices have doubled in the US since President Joe Biden took office in January of last year, according to last week’s data from the American Automobile Association (AAA). a non-profit organization. Global crude oil prices have risen in recent months, fueled by restrictions on Russian exports. On Monday, crude hit $120 a barrel as Saudi Arabia raised prices for Asia.

The Trump administration reimposed sanctions on Iran’s oil, petrochemical, maritime and other sectors in 2018 due to concerns about the country’s nuclear program. Talks between Tehran and world powers stalled in March, and according to Muller, the window of opportunity for the Biden administration to reach a deal with Tehran has all but closed, but it could still allow the shipment of Iranian crude. In April, the United States seized Iranian oil transported by a Russian tanker. Iran currently exports most of its oil to China.

Melissa Galbraith
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.