Last week the Trump administration announced that it will not be renewing six-month waivers granted to eight countries to continue buying limited quantities of Iranian oil, a move that shocked experts and sent the global oil market up for a bumpy week. Trump is walking a tightrope, as he tries to completely cut off Iran from international oil markets and thereby put the nation’s economy under pressure to push Tehran to bow to U.S. demands while also attempting to keep gas prices low in the United States. This was already a tough balance to…
