Iran sanctions set to kick in, could bring biggest oil disruption in years

US oil futures climbed to a four-year high near $77 a barrel last month on growing concerns there could be a shortage as sanctions bite deeper

Midnight on Sunday will mark a dividing line in the world of oil. Beyond that point, anyone unloading a tanker from Iran risks the full wrath of the US government.

While the US softened its crackdown on the Middle East’s third-biggest oil producer on Friday, allowing some trade to continue, exports are already slumping. Shipments have plunged 37 per cent since President Donald Trump announced that he’d reimpose sanctions, and once those penalties kick in on November 5, the overall supply disruption could become the biggest since Libya, erupted in civil war at the start of the decade.

“Iran’s oil