Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Yemeni Armed Forces: The battle is the battle of the entire Ummah and for its salvation.
Yemeni Armed Forces: We cannot tolerate any US attack or aggression in support of the Israeli enemy against Iran because it means the confiscation of the freedom, independence, and dignity of our nation.
Yemeni Armed Forces: The Israeli enemy seeks complete control over the region and implements the Zionist plan with open American support.
Yemeni Armed Forces: We affirm Yemen's principled position in rejecting the Zionist aggression against our brothers in Gaza, Lebanon, Syria, and any Arab or Islamic country.
Yemeni Armed Forces: We affirm our readiness to participate in targeting US ships and warships in the Red Sea if the US attacks Iran.
Al Mayadeen's correspondent: Iranian air defenses repel Israeli attack on military site in Shiraz.
Al Mayadeen's correspondent in Iran reports the activation of air defenses over Kashan.
IRGC: Operation to transport handmade bombs foiled in Gilan, north of Iran.
Al Mayadeen's correspondent: Iranian police says dismantled "electronic bomb" in west Tehran.
Israeli media: Drone explodes in Route 90 in Arraba after interception attempts failed.

Election year likely to shelve US enforcement of sanctions on Iran

  • By Al Mayadeen English
  • Source: Bloomberg
  • 22 Apr 2024 15:08
3 Min Read

The presidential election is likely to force the Biden administration to turn a blind eye to sanctions on Iranian oil, according to Bloomberg.

  • x
  • US unlikely to enforce sanctions on Iran, fearing oil price hikes
     Pumpjacks work in a field near Lovington, New Mexico, the United States, on April 24, 2015. (AP)

The United States is unlikely to enforce the sanctions it announced on Iran, which would risk sending oil prices to even higher prices during the presidential election year, consultant Energy Aspects Ltd. told Bloomberg.

This comes despite recent legislative moves by the House to tighten restrictions on Iran's energy sector. The newly passed legislation aims to expand sanctions to cover foreign ports, vessels, and refineries that knowingly handle Iranian crude in violation of US regulations.

It also extends secondary sanctions to transactions between Chinese financial institutions and restricts Iranian banks involved in purchasing petroleum and oil products. As a result, Brent crude prices dropped by up to 1.7% on Monday.

According to Amrita Sen, co-founder and research director at Energy Aspects, most of Iran's oil exports are allegedly directed to China, particularly to independent refineries outside the US financial system. This situation complicates US efforts to enforce sanctions on these facilities, which operate out of its reach.

Despite Iran's increased oil shipments in the past year, which has helped stabilize oil prices, the US has been less stringent in enforcing existing sanctions, contributing to global supply. Sen highlights the political context of an election year, suggesting that strict enforcement of sanctions is unlikely as it might lead to decreased Iranian oil supplies, in turn, decreasing available oil on the global market.

"What I really want to highlight is this is a US election year, so let’s not kid ourselves,” Sen told Bloomberg. “All sanctions are sanctions on paper with anything that remotely causes all prices to go up. I just don’t see myself believing that they’re going to enforce it strongly," she added.

Related News

White House reportedly pauses new US sanctions on Iran amid talks: WSJ

Diplomatic sources deny US reports about details of Iran-US deal

Sen predicts that any new restrictions could impact exports by 200,000 to 500,000 barrels per day, while Iran's average daily exports range from 1.2 million to 1.5 million barrels.

Read more: Oil hits highest level since Oct. amid fears of Iranian retaliation

US imposes sanctions on Iran

Earlier, the US House passed a bill that aims to impose sanctions on ports and refineries that engage in transactions involving Iranian oil. Additionally, the legislation seeks to tighten export controls on Iran to limit its ability to acquire materials and technology that could be used in its missile and drone programs.

The sanctions came alongside legislation targeting China and Russia, as the US continues to garner global instability via unilateral sanctions and restrictions on nations.

On the other hand, oil prices hit a yearly record of around $92 a barrel in mid-April due to geopolitical tensions in the Middle East, as price speculation grew over the world's main source of energy. 

Despite American sanctions that make accessibility to the global financial market near impossible, Iran has managed to make oil sales worth $35.8 billion in the 12 months up until the end of March 2024. 

Iran's head of Customs Mohammad Rezvanifar made the announcement in early April, highlighting the strength of Chinese-Iranian trade relations, which the US seeks to mitigate. 

Read more: Iran signs $13bln in domestic oil production deals

  • US sanctions on Iran
  • United States
  • Brent
  • Oil
  • China
  • Oil prices
  • Iran
War on Gaza

War on Gaza

Most Read

Bin Salman: Islamic world backs Iran in call to Pezeshkian

MBS says Islamic world backs Iran in call with Pezeshkian

  • MENA
  • 15 Jun 2025
Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Rescue team work at the site where a missile launched from Iran struck Tel Aviv, Israel, Monday, June 16, 2025 (AP)

Wave 12 of Operation True Promise 3 launched, Sejjil deployed: IRGC

  • Politics
  • 18 Jun 2025
Iran launches missile barrage to Tel Aviv, casualties reported

True Promise 3, wave 14: Tel Aviv targeted, casualties reported

  • Politics
  • 19 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli air defense system fires to intercept missiles during an Iranian attack over Tel Aviv, occupied Palestine, Thursday, June 19, 2025. (AP Photo/Leo Correa)
Politics

'Israel' risks running out of Arrow 3 interceptors within weeks: WSJ

This is the Voice of America building in Washington D.C., on Monday, May 5, 2025. (AP)
Politics

Trump enforces mass VOA layoffs, 600 employees terminated

Iranian protestors carry portrait of Leader Sayyed Ali Khamenei and anti-Israeli signs during a protest to condemn Israeli attacks on multiple cities across Iran, June 20, 2025. (AP)
Politics

Israeli aggression uniting Iranians, including opposition: NYT

AP
Politics

Erdogan at OIC: No to new Sykes-Picot drawn in blood

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS