This year, the factors that will most likely drive the price of oil are the Trump administration’s showdown with Iran and the strength of the global economy. In other words, prices will depend on geopolitics and the balance of supply and demand. Welcome to the new oil market, same as the old market. World Economic Forum in Davos Oil analysts are keeping an especially close eye on U.S. sanctions on Iran, which over the summer was exporting about 2.3 million barrels of oil a day. The sanctions, which began in November, have knocked about 1.3 million barrels a day of Iranian exports from the market. But the U.S. has handed out waivers, or exemptions, to nations such as India and South Korea to import about 1 million barrels a day from Iran for 180 days. That makes the sanctions a major wild card in the supply balance of oil. […]