US right in cutting Iran’s oil lifeline

Economic sanctions are a weapon of choice to make terror-backers fall in line. We mean Iran, in this case. The US has been employing a raft of measures to put maximum pressure on Tehran to end its covert activities in the Gulf. Monday’s decision to end the waiver granted to eight countries that had been buying crude oil from Tehran since sanctions were slapped in November last year will put further pressure on Iran and could choke its oil lifeline. Iran has been the most disruptive force in the Middle East for decades. Since the revolution four decades ago that saw the rise of a clerical-military regime, the country’s wealth of resources has been used to advance Tehran’s hegemonic ambitions. The people have suffered as relations became strained with the neighbours. Tehran has faced sanctions before but they were half-hearted attempts. The Donald Trump administration, this time is ensuring that the country’s ruling elite pays for its militant activities.

Sanctions, so far, appear to be working. Iran’s oil and shipping industries are crippled, the economy is suffering and the regime is struggling with a strained budget. The classification of the Islamic Revolutionary

Guards Corps (IRGC) by the

US as a terrorist organisation too has dealt a major blow to the government. The Guards plot covert operations and have been entrusted to export the so-called revolution to countries in the region.

The end of oil waivers to select countries comes at a time when oil supply from

Venezuela and Libya is also on the wane. The latest US action will further tighten global oil supply and drive prices higher. Crude has already touched its highest this year, and is trading above $73. Energy-starved nations are feeling the pinch with this rise in oil prices, but sometimes short-term sacrifices need to be made for long-term gains. Saudi Arabia-led Opec has been proactive in adjusting supply levels when demand pressures have increased. The world’s biggest oil producers have been increasing their output since November, and are expected to continue doing so if the need persists. Washington needs the support of countries in its drive to put maximum economic pressure on Iran. Stability in the Middle East calls for greater sacrifice for the larger good.

Energy-starved nations are feeling the pinch with the rise in oil prices, but sometimes shortterm sacrifices need to be made for longterm gains.