Iran Deal Could Offer Relief for Surging Oil Prices

US sees all options on the table for prices, including buying from Iran

The war in Ukraine has seen the price of oil rising precipitously, with WTI crude prices up to $115 per barrel, the highest since 2008. Analysts warn the price could get worse as the fighting continues unresolved.

Fortunately, there is a potential fix on the horizon. An increase in supply would calm prices, and reaching the Iran nuclear deal would mean allowing Iran to start pumping out exports.

That’d be a win-win for the deal, giving Iran much-needed sales at a time when the world could use more supply. Under the 2015 deal, the US was very reluctant to let Iran sell oil or let anyone buy it.

Transportation Secretary Pete Buttigieg discussed the matter Wednesday, saying that “all options are on the table” on oil prices, and that this might include buying from Iran.

When the US talks “all options” on Iran, it almost always involves threatening war. Peaceful trade is an option rarely under consideration, to the point where Buttigieg faced criticism for even presenting it as a possibility.

Author: Jason Ditz

Jason Ditz is Senior Editor for He has 20 years of experience in foreign policy research and his work has appeared in The American Conservative, Responsible Statecraft, Forbes, Toronto Star, Minneapolis Star-Tribune, Providence Journal, Washington Times, and the Detroit Free Press.