| Just over four years ago, the United States and Europe sanctioned the sale of Iranian oil in an effort to curb Tehran's nuclear program. Oil was trading at $110 per barrel, and Obama administration officials fretted about how to curb Iran's exports without causing a price spike.
How quickly things change. This week, crude dropped below $30 per barrel for the first time in 12 years, thanks largely to a boom in U.S. production. Sanctions against Iran will likely be lifted soon, unleashing more oil that will further depress an already glutted market...............................................Full Article: Source
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