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US Needs Harsher Sanctions on Iran’s Oil Exports: McCarthy

OIL

The US needs harsher sanctions to cut off Iran’s ability to export oil, Former US House Speaker Kevin McCarthy said, cited by Bloomberg.

  • “This just wasn’t a failure in Israel on their intelligence community, it was ours as well,” McCarthy said.
  • “Allowing Iran to produce more oil makes us weaker”, he added.
  • There are reports that Iran was involved in the Hamas attack on Israel and reprisals on Iran could risk crude shipping through the Strait of Hormuz, which the state has previously warned it could close. Only recently the US eased sanctions on Iran to allow more oil shipments.
  • Iran has exported at least 1.61mn barrels of oil and refined products this year on a daily basis according to TankerTrackers.

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