On October 11th, Treasury Secretary Janet L. Yellen indicated that the U.S. may consider more Iran sanctions in response to the Hamas attack on Israel at a press conference in Marrakech, Morocco. This press conference was during the annual meetings of the International Monetary Fund and the World Bank. On the sidelines at the press conference, Yellen stated, “We have not in any way relaxed our sanctions on Iranian Oil” (New York Times).
The United States presently imposes sanctions on Iran but will persist in utilizing and assessing information as it becomes accessible.
The ripple effects
The Israel-Gaza conflict can potentially increase the prices of oil and geopolitical risks. Gita Gopinath, the first deputy managing director of the I.M.F., said, “I think central bank governors are concerned about what might happen to energy prices if the Israel-Gaza conflict were to turn into a bigger regional conflict and have implications for supply of oil on markets” (New York Times).
The U.S. next steps concerning the conflict and oil prices
The course of action that the Biden administration would adopt to manage oil prices in the event of an escalation of the Israel-Gaza conflict remains uncertain. The potential consequences of its attempts to restrict Russia’s oil earnings are not yet evident.
How Truth Technologies can help:
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