In early April this year, Iran and the five permanent members of the United Nations Security Council plus Germany (P5+1) reached a framework agreement to guide negotiations targeting a comprehensive agreement by June 30. The comprehensive agreement could result in the lifting of crude oil-related sanctions against Iran, which in turn could result in an increase in Iran’s crude oil production and exports. However, the ultimate decision and the timing that sanctions could be lifted are highly uncertain. Sanctions imposed by the United States and the European Union (EU) at the end of 2011 and during the summer of 2012, respectively, led to the displacement of more than 1.0 […]