Commodities
Oil Prices Show How Numb Traders Have Become to US Sanctions
- Crude prices have fallen even as US announces more sanctions
- Yellen says latest steps could be ‘prelude’ to more action
An oil tanker in Bandar Abbas, Iran.
Photographer: Ali Mohammadi/BloombergThis article is for subscribers only.
A week ago, the US government imposed yet more sanctions on Iran’s oil trade. Crude prices have sagged more than $5 a barrel since.
The decline was largely driven by indications that Israel is going to avoid attacking Iran’s oil infrastructure — one of the market’s big concerns.