Telegraph:

Donald Trump has ordered the entire world to cut off Iranian oil imports by early November. A few countries will be given slightly more time to adjust but there will be no waivers. It is a total blockade.

If most of the world complies – and even China might find it hard to defy – it will reduce global spare capacity to zero by the end of the year. This is worse than during the oil shocks of 1979 and 2008. Spare capacity has never fallen much below 1pc in the post-War history of the oil markets.  

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