USA and EU to enforce Iran and Russia oil Earlier this week, the Financial Times reported Denmark was considering the start of inspections and potential blocks of Russian oil tankers carrying crude across its waters in the EU’s latest attempt to enforce a price cap on oil exports from Russia.
Also this week, The White House energy security adviser, Amos Hochstein, toldBloomberg the U.S. federal government was going to tighten the sanction noose around Iran, targeting its oil industry more closely. The aim was to remove about 1 million bpd of Iranian oil exports, Hochstein said, but without disturbing prices.
Oil prices have weakened recently, mostly on the back of equally weak economic data from the two largest markets for oil—the United States and China. This is good for both the U.S. and the EU but talk about more oil sanctions and their enforcement night just change that.