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NEW YORK — New sanctions put in place by the Obama administration last week aim to increase pressure on Iran’s oil industry, but they may also cause a spike in oil prices, according to CNN.
The sanctions place tighter restrictions on companies that provide Iran with the equipment and expertise needed to run its oil and chemical industries and also declare the entire Iranian banking system a threat, opening the door for the U.S. to impose sanctions on any entity that deals with Iran’s Central Bank.
Iran conducts its 2.2 million barrel-a-day oil export business through its central bank, using it as an intermediary between the national oil company and its oil customers, the article stated.