September 27, 2018

President Donald Trump's sustained bid to sanction Iranian crude exports could trigger a dramatic shortfall in global supply, strategists told CNBC on Thursday, amid renewed worries oil prices could soon rally up to triple digits.

Earlier this week, Trump urged OPEC to ramp up production levels in order to prevent further price rises ahead of the mid-term elections in November.

But OPEC and non-OPEC producers were thought to be unlikely to immediately respond to Trump's demands, after Saudi Arabia and its allies decided against pressing for an official increase at a meeting in Algeria last week.

Read more:

https://www.cnbc.com/2018/09/27/iran-sanctions-could-push-oil-prices-above-100-strategists-say.html