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“U.S. and EU sanctions on Iran’s crude oil exports and its central bank were not supposed to affect either the volume of oil available or its price, provided markets reacted ‘rationally’…. But the policy has backfired. Oil prices have surged, harming consuming countries and offsetting the impact of lower exports on Iran’s revenues…. [T]he thicket of sanctions on Iran imposed by the European Union and United States is now so complex it is becoming hard to conduct trade that is supposed to be permitted.” (Reuters)

Imagine that: The experts get it wrong . . . again.

FEE Timely Classic
“The Law of Supply and Demand” by Israel M. Kirzner