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Opinion
Julian Lee

It's Trump Sanctions, Not OPEC, That Are Boosting Oil

The threat of Iran's oil output disappearing is driving up prices.

A support vessel flying an Iranian national flag sails alongside the oil tanker Devon.

A support vessel flying an Iranian national flag sails alongside the oil tanker Devon.

Photographer: Ali Mohammadi/Bloomberg

As OPEC oil ministers prepared to meet in Vienna later this week, President Trump fired another twitter-shot across their bows. But it is his decision to slap sanctions back on Iran that is the real driving force behind the rising price of oil.

The U.S. president has accused OPEC of being “at it again” for the second time in as many months through his favored 280-character diplomatic channel. Quite what “it” is, he has never specified.