John K. Defterios, Anchor and Emerging Markets Editor, CNN International speaks during the 2012 of the World Economic Forum at the congress centre in Davos, Switzerland, January 27, 2012. (Wikipedia/Michael Wuertenberg)
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There are four letters that seem to spark the ire of U.S. President Donald Trump: O-P-E-C, as oil prices marched to another four-year high.The multibillion-dollar question today is, are prices trading above $80 due to a shortage of supplies or is it the ratcheting up of geopolitical tensions by Trump himself against Iran?There is more of the same in the pipeline coming from the U.S. against Iran, with Trump promising to impose additional measures against Teheran after the second round of snap-back sanctions targeting oil exports go into place Nov. 4 .Most energy strategists believe Iran's exports will drop another million barrels by the time the U.S. sanctions go into effect.In the meantime, the five other signatories to the 2015 nuclear agreement are scrambling to set up a barter mechanism to allow Iran to continue exporting its crude by avoiding trade in the U.S. dollar. No one it seems wants to challenge Donald Trump when it comes to Iran.The same, unfortunately for the U.S. president, could be said for the price of oil as well with many expecting $100 a barrel by the close of 2018 .
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of the GCC
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