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IPFS News Link • Oil

Iran Deal Could Offer Relief for Surging Oil Prices

•, by Jason Ditz

The war in Ukraine has seen the price of oil rising precipitously, with WTI crude prices up to $115 per barrel, the highest since 2008. Analysts warn the price could get worse as the fighting continues unresolved.

Fortunately, there is a potential fix on the horizon. An increase in supply would calm prices, and reaching the Iran nuclear deal would mean allowing Iran to start pumping out exports.

That'd be a win-win for the deal, giving Iran much-needed sales at a time when the world could use more supply. Under the 2015 deal, the US was very reluctant to let Iran sell oil or let anyone buy it.

Transportation Secretary Pete Buttigieg discussed the matter Wednesday, saying that "all options are on the table" on oil prices, and that this might include buying from Iran.

When the US talks "all options" on Iran, it almost always involves threatening war. Peaceful trade is an option rarely under consideration, to the point where Buttigieg faced criticism for even presenting it as a possibility.