Washington’s decision to reinstate Iranian sanctions is likely to slowly cut off a chunk of the world’s crude supply—a shift that could redraw global supply lines and require Iran’s big customers to find alternative sources.
The Trump administration’s move rattled oil markets, sending international crude up sharply after bouncing wildly in the lead-up to the decision. Midday in Europe, international crude was up 2.7% to $76.87 a barrel on London’s Intercontinental Exchange, trading at its highest level in 3½ years.
