Finance & economics | Mullahs cornered

Iran is vulnerable to a Trumpian all-out economic assault

Oil prices are already at a five-month high

A general view of Isfahan Refinery, one of the largest refineries in Iran.
Pipe downPhotograph: Getty Images

On November 25th the Elva, a tanker flagged in São Tomé and Príncipe, clandestinely picked up 2m barrels of Iranian crude off Malaysia’s coast. Sailing from there to north-east China, the vessel’s likely destination, usually takes two weeks at most—but not this time. On December 3rd, alleging the Elva had breached sanctions, America blacklisted the ship, exposing anyone dealing with it to punishment. Six weeks on, it is still stranded.

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This article appeared in the Finance & economics section of the print edition under the headline “Mullahs cornered”

From the January 18th 2025 edition

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