U.S. Gives Putin 'Unexpected' Gift With Oil Price Surge

Russia is the world’s biggest energy exporter, but for the past four years, sagging oil prices have severely hurt its economy. Trump’s actions could reverse that.
Chimneys emit vapor at Russia's Novokuybyshevsk oil refinery plant.
PER_RussianOil_01_630457594 Source: Andrey Rudakov/Bloomberg/Getty

When President Donald Trump declared in May that he was withdrawing from the Iran nuclear deal, he vowed to reimpose some of “the strongest sanctions that we’ve ever put on a country.” Among the biggest targets: Iran’s booming oil fields, an economic engine that fuels Europe and Asia with 4 million barrels of crude a day. But as Tehran and other world leaders recoiled, one country celebrated: Russia.

The reason? Supply and demand. The new sanctions will likely remove a million barrels of Iranian oil a day from world markets once the restrictions fully kick in this fall, and

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