EU and US poised to lift Iranian sanctions this weekend

The European Union and US are expected to formally lift sanctions against Iran this weekend, dismantling an intricate network of punitive measures built up over nearly a decade and reconnecting Tehran to the global economy.

 

The lifting of sanctions, which will include an end to an EU embargo on the imports of Iranian oil, will have huge ramifications internationally, most notably on the global oil market as Tehran is expected to immediately add almost half a million barrels per day to its crude exports. This will affect plummeting oil prices in a market already struck by oversupply.

 

Read More: EU and US poised to lift Iranian sanctions this weekend | World news | The Guardian