Oil production

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How Trump’s push to end Iran oil exports could backfire

Mike Pompeo at a lectern during State Department press conference
Secretary of State Mike Pompeo at the State Department press conference on April 22. Photo: Andrew Caballero-Reynolds/AFP/Getty Images

The Trump administration Monday dramatically escalated its campaign of economic warfare against Iran, announcing that it would not renew any waivers for countries to import Iranian oil after May 2.

The big picture: Per Secretary of State Mike Pompeo, the goal is for Iran to reverse its foreign and domestic policies and accede to 12 demands he set out in a speech last year. But the plan is certain to face pushback from importers of Iranian oil, raise prices for consumers and further erode the value of sanctions as a tool of diplomacy.

Brazil's Jair Bolsonaro is making investors nervous

Jair Bolsonaro
Brazilian President Jair Bolsonaro. Photo: Mandel Ngan/AFP/Getty Images

The CEO of Brazil's state-controlled oil company Petrobras says there was no government interference in the company's decision not to increase the price of diesel after he received a phone call from President Jair Bolsonaro.

Details: Castello Branco, Petrobras' CEO, said Bolsonaro simply warned him during the call about the risks of a potential new truckers' strike if diesel prices rose, Reuters reports.