How Much Will World Oil And Gas Prices Be Impacted By New Iranian Sanctions.

CNN: What Trump's Iran decision means for oil and gas prices

President Donald Trump chose a dicey time to crack down on Iran, the world's fifth-biggest oil producer.

Global oil supplies were already getting tight before Trump vowed on Tuesday to exit the Iran nuclear deal and impose "powerful" sanctions on the OPEC nation.

Energy industry insiders say Trump's tough stance on Iran will probably keep oil and gasoline prices higher than they would otherwise be.

Iran ramped up its oil production by 1 million barrels per day after sanctions were lifted in early 2016. At least some of that oil will now be pulled from the market — at a time when oil prices are already rising because of production cuts by OPEC and Russia as well as instability in Venezuela.

Dan Eberhart, CEO of oilfield services company Canary LLC, drew a direct connection: "Withdrawing from the Iran nuclear deal will support higher oil prices."

Read more ....

WNU Editor: It will take 6 months before new sanctions will have an impact on Iran's oil industry. And even then .... almost all of Iran's customers have already made it clear that they will still be buying oil from Iran. The problem will be on how to pay Iran for its product, since most banks will now steer clear of Iran in order to avoid U.S. retaliation.

Update: Here is a good summary on who buys oil from Iran .... Here Are The Countries That Buy Iran's Oil, And What They May Do Next (Zero Hedge)