Global oil prices hit their lowest point since 2003 after the United States, the European Union, and the United Nations on January 16 lifted sanctions on Iran in response to the International Atomic Energy Agency’s conclusion that the Islamic Republic was in compliance with the terms of a nuclear deal. Brent Crude fell to $27.67 per barrel on January 18. US crude oil also dropped 29 cents to $28.64 per barrel. The current glut has created concern about Iran’s full return to the global energy market. Since 2012, US and EU sanctions on Iranian oil exports cost the Islamic Republic …read more
Source: Atlantic Council