Amid Supply-Side Issues, U.S. Targets Iranian Oil
Amid Supply-Side Issues, U.S. Targets Iranian Oil
July 8, 2022--Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Even as the market continues to wrestle with supply-side issues, the U.S. government said it would not tolerate efforts by Organization of the Petroleum Exporting Countries (OPEC) member Iran to evade sanctions by selling petroleum in the Asian market.
Commodity prices took a nose dive early this week amid fears that a recession will soon take hold, if it hasn't already, in the U.S. economy. Higher energy prices and inflationary pressures in general mean consumers are dipping into their savings to make ends meet. Once that's depleted, the lifeblood of the economy--namely consumer spending--will dry out and choke off any chance of further growth.
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