IEA warns of "sharp" oil price rise after Iran deal withdrawal

Photo: Spencer Platt/Getty Images

The International Energy Agency said Wednesday that revived U.S. sanctions against Iran and the ongoing collapse of Venezuela's output could jolt the global market.

Why it matters: The new edition of their closely watched report contains its first extended comment since the White House decision to bail on the Iran nuclear deal — noting that the decision has "switched the focus of oil market analysis from the fundamentals to geopolitics."