Oil

Trump gambles on tightening Iran oil sanctions as 2020 looms

Iran ship
Passenger boat with Iranian flag overlooks oil tanker in the Strait of Hormuz. Photo: Kaveh Kazemi/Getty Images

The White House is trying to thread a needle: Tighten oil sanctions against Iran without raising energy prices enough to erode the president's political standing.

Driving the news: ICYMI, the administration isn't renewing sanctions waivers beyond early May for countries that still buy Iranian oil.

Oil traders fear déjà vu in this year's big run

Illustration of an oil barrel seen double in psychedelic colors.
Illustration: Aïda Amer/Axios

Oil prices have skyrocketed so far this year, but traders aren't filling their swimming pools with gold coins just yet.

Driving the news: Crude prices rose 3% yesterday after the State Department said it would not extend waivers allowing nations to bypass U.S. sanctions and import oil from Iran. International standard Brent crude prices have risen upwards of 30% so far this year and U.S. WTI prices close to 40%.