Iran’s oil exports fell by over 1mn b/d from 2017 levels even prior to this week’s re-imposition of US sanctions. Issuing waivers to eight Iranian clients, US President Trump says he is going “easy” on Tehran for fear of higher oil prices. While plenty of governments have talked tough against the measures, they have failed to back this up with concrete actions.

The US on 5 November reimposed oil, shipping and banking sanctions against importers of Iranian oil, dealing a crushing blow to a country already mired in economic turmoil.

US President Donald Trump withdrew from the “rotten” 2015 Joint Comprehensive Plan of Action (JCPOA) on 8 May saying it didn’t go far enough in restricting Tehran’s nuclear program, its ballistic missile program and role in regional conflicts.

Following this, on 7 August the US reinstated a slew of sanctions hitting...