Iran’s nuclear standoff forecast to push up oil

Iran’s lack of co-operation with the West on its nuclear weapons policy has led to a round of energy giants and traders ceasing gasoline trade with the country, following pressure, mainly from the US, for the United Nations (UN) and corporates to place sanctions on Iran until it enters negotiations on its programme.

The raft of companies pulling out of import deals has led to concerns that Iran will retaliate by stopping oil exports to the West. With its oil production averaging 3.8 million barr