He went on to say the target, especially for the Saudis, is U.S. shale, which has become more resilient in recent years but is still vulnerable to lower oil prices because of its higher costs. Last month, prices climbed immediately on the suggestion that the U.S.-Iran talks could escalate into missile action, after the Iranian defense minister threatened strikes on U.S. bases in the Middle East should the two fail to reach a deal on Iran’s nuclear program. U.S. Congress work on fresh sanctions against Russia, targeting specifically its energy industry also served as a driver for higher prices, undeterred by EU plans to try and stop importing even petroleum products made with Russian crude, possibly in light of the EU’s track record of success with the anti-Russian sanctions.
Author: Irina Slav
Published at: 2025-07-19 23:00:00
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