“Without oil, they have no money,” Sen. Lindsey Graham said of the Iranians. “Without money, terrorism loses its biggest benefactor.”
Crude oil exports from Iran have risen on Biden’s watch despite U.S. sanctions aimed at punishing Tehran for its nuclear ambitions, military aggression and support for terrorism. | Ernesto Vargas/APHamas’ attack on Israel is bringing pressure on President Joe Biden to clamp down on Iranian oil exports — even at the risk of provoking a politically damaging spike in world oil prices.
The Iranian issue holds politically explosive implications for 2024, representing a stark divide between Biden and former President Donald Trump. The oil exports have also become Exhibit B in the GOP’s complaints about Biden’s handling of Iran since this weekend’s violence in Israel — alongside the administration’s decision toThe White House has insisted it is still enforcing the economic penalties. “We’ve imposed sanctions on Iran for support to Hamas and other terrorist organizations.
“I am urging the Biden administration and the Israelis to jointly come up with a plan to destroy Iran’s oil infrastructure,”Jared MoskowitzJanet Yellen said Wednesday However it’s done, removing Iran’s millions of barrels a day would have a significant impact on the global oil market, even though none of the Iranian oil goes to the United States. Iran was thelast year, producing about 3 percent of the global supply — well below the U.S. and Saudi Arabia but just ahead of Brazil and Kuwait.
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