Gasoline prices are rising in the US
Iran or pump prices: Biden’s thankless choice
The US president may opt to do a JCPOA deal as a lesser evil than expensive gasoline
US president Joe Biden is aware that agreeing sanctions relief with Iran in return for curbs on its nuclear programme will be unpopular not just with his Republican opponents but also within his own Democratic party. But, according to Torbjorn Soltvedt, principal Mena analyst at consultancy Verisk Maplecroft, Biden may “view rising fuel prices as a bigger issue” ahead of November’s US midterms and be prepared to strike a deal to bring Iranian barrels swiftly back to the market to try to relieve upward pressure on oil prices. Iran, which to date has shown little willingness to compromise, now has an opportunity to strike a deal on its own terms, says Soltveldt. “Iranian negotiators will seek
Also in this section
21 February 2025
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
20 February 2025
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
19 February 2025
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
18 February 2025
Deliveries to China decline by around 1m b/d from move to curb crude exports to Shandong port, putting Iran under further economic pressure
