Biden's Iran oil sanctions likely to spare global market from major disruption
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Legislation aimed at intensifying sanctions on Iranian crude oil is expected to become law, proposing broader restrictions on Iran's oil exports. Despite the legislative push, analysts anticipate Biden will exercise caution, leveraging waiver authority to avoid major disruptions to global oil supplies and mitigate potential price hikes. The proposed sanctions aim to curtail China's reliance on Iranian oil, which accounts for approximately 80 per cent of Iran's total exports. While the sanctions introduce a new layer of risk for entities engaged in Iranian oil transactions, waivers offer Biden flexibility to mitigate unintended consequences. However, increased Iranian aggression toward Israel could complicate Biden's stance, increasing political risks associated with sanctions waivers.



https://www.wionews.com/business-economy/bidens-iran-oil-sanctions-likely-to-spare-global-market-from-major-disruption-714094