The US and European embargo of Iranian oil is one of the factors behind the stubbornly high price of crude, trumping the huge slump in petroleum demand in the US. Although Iranian oil exports are down 33%, Iran is on a course for its third largest oil-related earnings ever. Thus, the primary beneficiary of high oil prices is Iran.
Rather than blame himself for the absurdity of the situation, president Obama blames oil speculators.
High Oil Prices Shield Iran From Sanctions
The Financial Times reports High Oil Prices Shield Iran From Sanctions.
The Centre for Global Energy Studies (CGES), a...