U.S. fuel sanctions to hurt Iran, a boon for traders

DUBAI/LONDON (Reuters) – U.S. sanctions against suppliers of fuel to Iran would drive up the price the Islamic Republic has to pay for imports and provide a big money-making opportunity for oil traders able to flout the measures.

Sanctions busting has proved lucrative in the past for the less scrupulous in the opaque world of oil trade and could do so again if new measures seek to limit sales into Iran.

“Oil flows are really determined by market forces rather than politics and that’s the bottom line,” said analyst Raja Kiwan of PFC Energy. “Politics can be an obstacle, but can’t block the flow.”

Reuters