White House Faces Tough Decision on Iranian Oil Exports Amidst Falling Crude Prices

The White House is grappling with a difficult choice this summer concerning sanctions on Iranian crude oil exports. The falling price of U.S. crude oil below $81 a barrel, its lowest level since March, has eased concerns about a supply shortage. The House of Representatives passed legislation broadening sanctions to include foreign entities processing Iranian oil, with the Senate likely to vote soon. However, President Biden has the authority to waive penalties if he deems it necessary for national security interests. Experts believe the White House will face a ‘tough choice’ in implementing sanctions due to concerns about high oil prices ahead of elections.

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