Fear of High Gasoline Prices May Deter Biden From Toughening Sanctions on Iran ...Middle East

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Fear of High Gasoline Prices May Deter Biden From Toughening Sanctions on Iran
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The Biden Administration is unlikely to attempt to dramatically curtail Iranian oil exports after Iran’s attack on Israel, due to concerns about higher oil and gasoline prices in an election year and an unwillingness to further harm U.S.-China relations as Beijing is Iran’s key remaining oil customer, analysts have told Reuters. The U.S. toughening the sanctions enforcement against Iranian oil exports was expected by analysts after Iran launched drones on Israel this weekend. Most investment banks and analysts do not see a major escalation…

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