When the US withdrew from the Iran nuclear deal, the sanctions regarded crude oil exports, as well. These sanctions will become effective on November 4.


Oil prices could increase from November, as JPMorgan expects the price of a barrel of oil to rise from $60 to $85 a barrel in the next six months. A 'spike' to $90 is also likely.

During 2008, the price of a barrel of oil peaked, hitting a record level of $143. After that the closest it came was in 2012, when Iran threatened to close the Strait of Hormuz, with oil prices reaching $120.

Since then, they have been steadily declining, dropping as low as $27 in 2016. However, since Donald Trump became President, oil prices have risen, hitting $78 in September.