Six months after the U.S. rocked oil markets by letting Iranian exports continue, its decision to end sanctions waivers that allowed shipments is also set to reverberate across the globe. Prices are still below the four-year highs of over $86 they hit in October before the U.S. issued its waivers. Now, the American pledge to eliminate oil exports from Iran may provide an incentive for Crown Prince Mohammed Bin Salman -- a Trump ally -- to ease the kingdom’s policy. Now, it’s not just Iranian shipments that are disrupted. If crude prices go higher, the budget deficit in import-dependent nations may also worsen and inflation could accelerate.

Source: Mint April 22, 2019 06:45 UTC