Breaking News: Congress Passes New Iran Sanctions that Focus on Oil Exports, Shippers, and Refiners.. But... Here is a shocker

With three charts

Summary

The US Congress voted to impose new sanctions on Iran that “supposedly” affect almost every part of the oil export chain as part of a foreign-aid package to Ukraine, Israel and Taiwan. Current media reports are NOT reporting some important details that we will discuss below. Here is a link to the full legislation.

The legislation “was pre-negotiated with Senate Majority Leader Chuck Schumer, and the White House said it supports it.” as reported by Bloomberg.

EOA’s Main Takeaways

We have been telling our readers that the Biden Administration will NOT restrict the oil supplies of Venezuela and Iran. The Administration doesn’t want oil prices to increase before the elections. So far, the reimposition/imposition of sanctions by the White House in recent days has no impact on the flow of Venezuelan oil nor Iranian oil.