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Julian Lee

Can Iran’s Oil Save American Motorists?

A renewed nuclear deal would result in a surge of Iranian oil. That could help bring down soaring crude and gasoline prices.

Ready to flood the market?

Ready to flood the market?

Photographer: Ali Mohammadi/Bloomberg

We may be about to see a surge in oil from Iran. That’s the hope, at least, surrounding talks in Vienna aiming to revive the 2015 nuclear deal, also known as the Joint Comprehensive Plan of Action.

Sanctions on Iran were first removed in 2016, after a deal was struck to limit the Persian Gulf nation’s nuclear program, only to be reinstated when former President Donald Trump later tore up the agreement. If sanctions are lifted once more, the country will be able to boost its oil production and unlock a wave of barrels stored in onshore tanks and on ships anchored around the world.