Oil and petrol price will keep rising as Iran supply is cut off

By Felicity Duncan

Continued rising petrol prices seem almost inevitable as America has successfully pressured China to ease off on its purchases of Iranian oil. It looks increasingly like we may be facing a fairly severe oil price shock unless something unexpected happens. On the one hand, we have lost a lot of supply from Venezuela, which is slowly imploding and sending floods of refugees fleeing across Latin America.

Now, with the Trump-led embargo on Iranian oil, millions more barrels are being cut from global supply. One safety valve that was in operation was the China/Iran supply line. China has been buying oil from Iran and was set to continue to do so despite American pressure. However, media reports indicate that China has started to cut back on its Iranian purchases, meaning that they're going to be looking to Opec and other suppliers for the black gold they need.

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