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The sanctions against Iran reinstated by U.S. President Donald Trump raise two all-important questions that have no convincing answers.Second, will U.S. efforts to compel foreign companies to observe its sanctions against Iran prove as tough as Trump's belligerent rhetoric?At this early stage in the U.S.-Iran confrontation, another, even more important, economic question is worth considering: What will the U.S. sanctions do to the price of oil?While Iran's exports almost doubled after the previous sanctions were lifted in 2015, from 1.5 million barrels a day to around 2.5 million barrels currently, most of this oil has been sold to China, India and Turkey, all of which are likely to ignore or circumvent U.S. sanctions.Oil prices plunged by 45 percent in 1991, and by 35 percent in 2003, within a month of the U.S. launching its attacks.
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