Trump faces Iran sanctions challenge
The US administration must win over sceptical European and Asian allies to make oil sanctions bite as hard as last time
President Donald Trump pulled the US out of the Iran nuclear agreement on Tuesday, in a widely expected move that threatens to knock hundreds of thousands of barrels a day out of the oil market and ratchet up tensions across the Middle East. Brent oil prices have surged around 10% over the past month, to over $76 as of 9 May, amid overt signals from Trump that he'd be pulling out of the Joint Comprehensive Plan of Action—as the Iranian nuclear deal is known—ahead of the 12 May deadline to waive sanctions relief. Trump called for the "highest level" of sanctions on Iran in his White House address, including sanctions on crude purchases and investments in the country's energy sector. While Tru
Also in this section
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
