US Bid to Curb Iranian Oil Bedeviled by Economics, Election
- Washington is confronting Tehran-backed proxies in Middle East
- Cutting off oil flows is difficult and politically risky
A gas condensate refinery in Bandar Abbas, Iran in 2019.
Photographer: Ali Mohammadi/BloombergThe Biden administration wants to tighten the screws on Iran’s oil sales to neutralize its support for militants in the Middle East. But squeezing too hard risks inflicting higher prices on both a sluggish global economy and President Joe Biden’s looming election rematch with Donald Trump.
The White House aims to strengthen enforcement of existing sanctions as the regional crisis worsens, according to people familiar with the situation, although it’s aware missteps risk disrupting global oil markets.