If only there was a solution?
It would be awfully convenient if the world's second-largest oil reserves were right on their doorstep and able to pump crude without giving money to a Middle Eastern dictator or terrorist regime.
Iran is sitting back and laughing at all this. Give it another six months and they'll get whatever terms they want on a nuclear deal.
There's plenty of blame to go around in the looming energy crisis but cutting off supply before taking steps to shift demand was already a recipe for disaster. ESG investing has depressed oil company stocks so deeply now that there's no will to drill because they'd rather buy back shares, pay down debt or pay dividends.
In any case, WTI settled down 16 cents to $75.29 after touching $76.67 today.
That candle touching right off the July high could mean some trouble in the short term.